Cover Page
Cover Page - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 21, 2021 | |
Entity Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-07511 | |
Entity Registrant Name | STATE STREET CORPORATION | |
Entity Incorporation, State or Country Code | MA | |
Entity Tax Identification Number | 04-2456637 | |
Entity Address, Address Line One | One Lincoln Street | |
Entity Address, City or Town | Boston, | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02111 | |
City Area Code | (617) | |
Local Phone Number | 786-3000 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 347,768,272 | |
Amendment Flag | false | |
Entity Central Index Key | 0000093751 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Common Stock | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Common Stock, $1 par value per share | |
Trading Symbol | STT | |
Security Exchange Name | NYSE | |
Series D Preferred Stock, Depository Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series D, without par value per share | |
Trading Symbol | STT.PRD | |
Security Exchange Name | NYSE | |
Series G Preferred Stock, Depository Share | ||
Entity Information [Line Items] | ||
Title of 12(b) Security | Fixed-to-Floating Rate Non-Cumulative Perpetual Preferred Stock, Series G, without par value per share | |
Trading Symbol | STT.PRG | |
Security Exchange Name | NYSE |
Consolidated Statement of Incom
Consolidated Statement of Income - USD ($) shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fee revenue: | ||
Servicing fees | $ 1,371 | $ 1,287 |
Management fees | 493 | 464 |
Foreign exchange trading services | 346 | 444 |
Securities finance | 99 | 92 |
Software and processing fees | 174 | 112 |
Total fee revenue | 2,483 | 2,399 |
Net interest income: | ||
Interest income | 471 | 868 |
Interest expense | 4 | 204 |
Net interest income | 467 | 664 |
Other income: | ||
Gains (losses) from sales of available-for-sale securities, net | 0 | 2 |
Other income | 0 | 0 |
Total other income | 0 | 2 |
Total revenue | 2,950 | 3,065 |
Provision for credit losses | (9) | 36 |
Expenses: | ||
Compensation and employee benefits | 1,242 | 1,208 |
Information systems and communications | 421 | 385 |
Transaction processing services | 270 | 254 |
Occupancy | 109 | 109 |
Acquisition and restructuring costs | 10 | 11 |
Amortization of other intangible assets | 58 | 58 |
Other | 222 | 230 |
Total expenses | 2,332 | 2,255 |
Income before income tax expense | 627 | 774 |
Income tax expense | 108 | 140 |
Net income | 519 | 634 |
Net income available to common shareholders | $ 489 | $ 580 |
Earnings per common share: | ||
Basic (in USD per share) | $ 1.39 | $ 1.64 |
Diluted (in USD per share) | $ 1.37 | $ 1.62 |
Average common shares outstanding (in thousands): | ||
Basic (in shares) | 350,743 | 353,746 |
Diluted (in shares) | 355,690 | 357,993 |
Cash dividends declared (in USD per share) | $ 0.52 | $ 0.52 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Net income | $ 519 | $ 634 |
Other comprehensive income (loss), net of related taxes: | ||
Foreign currency translation, net of related taxes of $53 and ($10), respectively | (200) | (300) |
Net unrealized gains (losses) on available-for-sale securities, net of reclassification adjustment and net of related taxes of ($161) and $35, respectively | (425) | 134 |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes of $4 and ($3), respectively | 12 | (7) |
Net unrealized gains (losses) on cash flow hedges, net of related taxes of $0 and $44, respectively | 0 | 117 |
Net unrealized gains (losses) on retirement plans, net of related taxes of $3 and $4, respectively | 8 | 12 |
Other comprehensive income (loss) | (605) | (44) |
Total comprehensive income (loss) | $ (86) | $ 590 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation, Taxes | $ 53 | $ (10) |
Change in net unrealized gains (losses) on available-for-sale securities, Taxes | (161) | 35 |
Change in net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, Taxes | 4 | (3) |
Change in net unrealized gains (losses) on cash flow hedges, Taxes | 0 | 44 |
Change in unrealized gains (losses) on retirement plans, Taxes | $ 3 | $ 4 |
Consolidated Statement of Condi
Consolidated Statement of Condition - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Cash and due from banks | $ 4,552 | $ 3,467 |
Interest-bearing deposits with banks | 107,554 | 116,960 |
Securities purchased under resale agreements | 5,238 | 3,106 |
Trading account assets | 786 | 815 |
Investment securities available-for-sale | 60,512 | 59,048 |
Investment securities held-to-maturity purchased under money market liquidity facility (less allowance for credit losses of $0 and $1) (fair value of $201 and $3,304) | 201 | 3,299 |
Investment securities held-to-maturity (less allowance for credit losses of $2 and $2) (fair value of $46,752 and $50,003) | 46,261 | 48,929 |
Loans (less allowance for credit losses on loans of $118 and $122) | 31,467 | 27,803 |
Premises and equipment (net of accumulated depreciation of $4,960 and $4,825) | 2,143 | 2,154 |
Accrued interest and fees receivable | 3,302 | 3,105 |
Goodwill | 7,629 | 7,683 |
Other intangible assets | 2,007 | 1,827 |
Other assets | 45,233 | 36,510 |
Total assets | 316,885 | 314,706 |
Deposits: | ||
Non-interest-bearing | 57,079 | 49,439 |
Interest-bearing - U.S. | 108,372 | 102,331 |
Interest-bearing - non-U.S. | 79,442 | 88,028 |
Total deposits | 244,893 | 239,798 |
Securities sold under repurchase agreements | 587 | 3,413 |
Short term borrowings under money market liquidity facility | 200 | 3,302 |
Other short-term borrowings | 642 | 685 |
Accrued expenses and other liabilities | 31,722 | 27,503 |
Long-term debt | 13,836 | 13,805 |
Total liabilities | 291,880 | 288,506 |
Commitments, guarantees and contingencies (Notes 9 and 10) | ||
Shareholders’ equity: | ||
Common stock, $1 par, 750,000,000 shares authorized: 503,879,642 and 503,879,642 shares issued, and 357,389,416 and 379,946,724 shares outstanding | 504 | 504 |
Surplus | 10,227 | 10,205 |
Retained earnings | 23,751 | 23,442 |
Accumulated other comprehensive income (loss) | (418) | 187 |
Treasury stock, at cost (155,846,660 and 150,723,363 shares) | (11,035) | (10,609) |
Total shareholders’ equity | 25,005 | 26,200 |
Total liabilities and shareholders' equity | 316,885 | 314,706 |
Series D Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | 742 | 742 |
Series F Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | 247 | 742 |
Series G Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | 493 | 493 |
Series H Preferred Stock | ||
Shareholders’ equity: | ||
Preferred stock, no par: 3,500,000 shares authorized; Series C, 5,000 shares issued and outstanding, Series D, 7,500 shares issued and outstanding, Series E, 7,500 shares issued and outstanding, Series F, 7,500 shares issued and outstanding, Series G, 5,000 shares issued and outstanding, and Series H, 5,000 shares issued and outstanding | $ 494 | $ 494 |
Consolidated Statement of Con_2
Consolidated Statement of Condition (Parenthetical) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets, Current [Abstract] | ||
Allowance for credit losses on all HTM investment securities | $ 0 | $ 1 |
Investment securities held-to-maturity under money market liquidity facility, fair value | 201 | 3,304 |
Allowance for credit losses on HTM investment securities excluding MMF | 2 | 2 |
Investment securities held-to-maturity | 46,752 | 50,003 |
Allowance for credit loss | 118 | 122 |
Accumulated depreciation | $ 4,960 | $ 4,825 |
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, no par value (in USD per share) | $ 0 | $ 0 |
Preferred stock authorized (in shares) | 3,500,000 | 3,500,000 |
Common stock, par value (usd per share) | $ 1 | $ 1 |
Common stock, shares authorized (in shares) | 750,000,000 | 750,000,000 |
Common stock, shares issued (in shares) | 503,879,642 | 503,879,642 |
Common stock, shares outstanding (in shares) | 348,032,982 | 353,156,279 |
Treasury stock, shares (in shares) | 155,846,660 | 150,723,363 |
Series D Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares issued (in shares) | 7,500 | 7,500 |
Preferred stock, shares outstanding (in shares) | 7,500 | 7,500 |
Series F Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares issued (in shares) | 2,500 | 2,500 |
Preferred stock, shares outstanding (in shares) | 2,500 | 2,500 |
Series G Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares issued (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 |
Series H Preferred Stock | ||
Stockholders' Equity Attributable to Parent [Abstract] | ||
Preferred stock, shares issued (in shares) | 5,000 | 5,000 |
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 |
Consolidated Statement of Chang
Consolidated Statement of Changes In Shareholders' Equity - USD ($) shares in Thousands, $ in Millions | Total | Preferred Stock | Common Stock | Surplus | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Treasury Stock |
Beginning balance at Dec. 31, 2019 | $ 24,431 | $ 2,962 | $ 504 | $ 10,132 | $ 21,918 | $ (876) | $ (10,209) |
Beginning balance (shares) at Dec. 31, 2019 | 503,880 | 146,490 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 634 | 634 | |||||
Other comprehensive income (loss) | (44) | (44) | |||||
Preferred stock redeemed | (500) | (491) | (9) | ||||
Cash dividends declared: | |||||||
Common stock dividends | (183) | (183) | |||||
Preferred stock cash dividend | (44) | (44) | |||||
Common stock acquired (shares) | 6,464 | ||||||
Common stock acquired | (500) | $ (500) | |||||
Common stock awards exercised | 68 | 23 | $ 45 | ||||
Common stock awards exercised (shares) | (1,017) | ||||||
Other | (1) | (1) | |||||
Other (shares) | (1) | ||||||
Ending balance at Mar. 31, 2020 | 23,861 | 2,471 | $ 504 | 10,155 | 22,315 | (920) | $ (10,664) |
Ending balance (shares) at Mar. 31, 2020 | 503,880 | 151,936 | |||||
Cash dividends declared: | |||||||
Retained earnings | Accounting Standards Update 2016-13 | 3 | ||||||
Retained earnings | (23,442) | ||||||
Beginning balance at Dec. 31, 2020 | 26,200 | 2,471 | $ 504 | 10,205 | 23,442 | 187 | $ (10,609) |
Beginning balance (shares) at Dec. 31, 2020 | 503,880 | 150,723 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net income | 519 | 519 | |||||
Other comprehensive income (loss) | (605) | (605) | |||||
Preferred stock redeemed | (500) | (495) | (5) | ||||
Cash dividends declared: | |||||||
Common stock dividends | (182) | (182) | |||||
Preferred stock cash dividend | (25) | (25) | |||||
Common stock acquired (shares) | 6,233 | ||||||
Common stock acquired | (475) | $ (475) | |||||
Common stock awards exercised | 71 | 22 | $ 49 | ||||
Common stock awards exercised (shares) | (1,111) | ||||||
Other | 2 | 2 | |||||
Other (shares) | 2 | ||||||
Ending balance at Mar. 31, 2021 | 25,005 | $ 1,976 | $ 504 | $ 10,227 | $ 23,751 | $ (418) | $ (11,035) |
Ending balance (shares) at Mar. 31, 2021 | 503,880 | 155,847 | |||||
Cash dividends declared: | |||||||
Retained earnings | $ (23,751) |
Consolidated Statement of Cha_2
Consolidated Statement of Changes In Shareholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Cash dividends declared (in USD per share) | $ 0.52 | $ 0.52 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Operating Activities: | |||
Net income | $ 519 | $ 634 | |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Deferred income tax (benefit) | (26) | 8 | |
Amortization of other intangible assets | 58 | 58 | $ 234 |
Other non-cash adjustments for depreciation, amortization and accretion, net | 359 | 274 | |
Losses (gains) related to investment securities, net | 0 | (2) | |
Provision for credit losses | (9) | 36 | |
Change in trading account assets, net | 29 | 42 | |
Change in accrued interest and fees receivable, net | (197) | (43) | |
Change in collateral deposits, net | 35 | 2,685 | |
Change in unrealized losses (gains) on foreign exchange derivatives, net | (6,250) | (3,090) | |
Change in other assets, net | (377) | (891) | |
Change in accrued expenses and other liabilities, net | 2,000 | 4,179 | |
Other, net | 127 | 149 | |
Net cash (used in) provided by operating activities | (3,732) | 4,039 | |
Investing Activities: | |||
Net (increase) decrease in interest-bearing deposits with banks | 9,406 | (78,770) | |
Net (increase) decrease in securities purchased under resale agreements | (2,132) | 450 | |
Proceeds from sales of available-for-sale securities | 5,168 | 1,657 | |
Proceeds from maturities of available-for-sale securities | 5,004 | 4,219 | |
Purchases of available-for-sale securities | (12,324) | (8,935) | |
Purchases of held-to-maturity securities under the MMLF program | 0 | (26,061) | |
Proceeds from maturities of held-to-maturity securities under the MMLF program | 3,099 | 451 | |
Proceeds from maturities of held-to-maturity securities | 3,840 | 2,695 | |
Purchases of held-to-maturity securities | (1,268) | (2,141) | |
Sale of loans | 35 | 93 | |
Net (increase) in loans | (3,695) | (6,164) | |
Business acquisitions, net of cash acquired | (214) | 0 | |
Purchases of equity investments and other long-term assets | (34) | (794) | |
Purchases of premises and equipment, net | (162) | (114) | |
Other, net | 81 | 641 | |
Net cash provided by (used in) investing activities | 6,804 | (112,773) | |
Financing Activities: | |||
Net (decrease) increase in time deposits | (1,580) | 18,635 | |
Net increase (decrease) in all other deposits | 6,674 | 56,596 | |
Net (decrease) increase in securities sold under repurchase agreements | (2,826) | 4,271 | |
Net (decrease) increase in short-term borrowings under money market liquidity facility | (3,102) | 25,665 | |
Net (decrease) increase in other short-term borrowings | (43) | 3,996 | |
Proceeds from issuance of long-term debt, net of issuance costs | 844 | 2,497 | |
Payments for long-term debt and obligations under finance leases | (764) | (8) | |
Payments for redemption of preferred stock | (500) | (500) | |
Repurchases of common stock | (475) | (515) | |
Repurchases of common stock for employee tax withholding | (6) | (43) | |
Payments for cash dividends | (209) | (230) | |
Net cash (used in) provided by financing activities | (1,987) | 110,364 | |
Net increase | 1,085 | 1,630 | |
Cash and due from banks at beginning of period | 3,467 | 3,302 | 3,302 |
Cash and due from banks at end of period | $ 4,552 | $ 4,932 | $ 3,467 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accounting and financial reporting policies of State Street Corporation conform to U.S. GAAP. State Street Corporation, the Parent Company, is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to “State Street,” “we,” “us,” “our” or similar references mean State Street Corporation and its subsidiaries on a consolidated basis, including our principal banking subsidiary, State Street Bank. The accompanying consolidated financial statements should be read in conjunction with the financial and risk factor information included in our 2020 Form 10-K, which we previously filed with the SEC. The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. These accounting estimates reflect the best judgment of management, but actual results could differ. Our consolidated statement of condition as of December 31, 2020 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurements We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition. We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to pages 135 to 142 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated: Fair Value Measurements on a Recurring Basis As of March 31, 2021 (In millions) Quoted Market Prices in Active Markets (Level 1) Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3) Impact of Netting (1) Total Net Carrying Value in Consolidated Statement of Condition Assets: Trading account assets: U.S. government securities $ 40 $ — $ — $ 40 Non-U.S. government securities — 222 — 222 Other — 524 — 524 Total trading account assets 40 746 — 786 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 8,937 — — 8,937 Mortgage-backed securities — 14,425 — 14,425 Total U.S. Treasury and federal agencies 8,937 14,425 — 23,362 Asset-backed securities: Student loans — 288 — 288 Credit cards — 91 — 91 Collateralized loan obligations — 3,669 106 3,775 Non-agency CMBS and RMBS (2) — 71 — 71 Total asset-backed securities — 4,119 106 4,225 Non-U.S. debt securities: Mortgage-backed securities — 2,032 — 2,032 Asset-backed securities — 2,297 — 2,297 Government securities — 9,910 — 9,910 Other (3) — 13,709 — 13,709 Total non-U.S. debt securities — 27,948 — 27,948 State and political subdivisions — 1,498 — 1,498 Other U.S. debt securities — 3,464 15 3,479 Total available-for-sale investment securities 8,937 51,454 121 60,512 Other assets: Derivative instruments: Foreign exchange contracts — 21,892 6 $ (13,728) 8,170 Interest rate contracts 1 — — (1) — Total derivative instruments 1 21,892 6 (13,729) 8,170 Other — 549 — — 549 Total assets carried at fair value $ 8,978 $ 74,641 $ 127 $ (13,729) $ 70,017 Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 9 $ 22,036 $ — $ (15,533) $ 6,512 Interest rate contracts — 35 — (1) 34 Other derivative contracts — 181 — — 181 Total derivative instruments 9 22,252 — (15,534) 6,727 Total liabilities carried at fair value $ 9 $ 22,252 $ — $ (15,534) $ 6,727 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.81 billion and $3.61 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. (3) As of March 31, 2021, the fair value of other non-U.S. debt securities included $10.13 billion of supranational and non-U.S. agency bonds, $1.90 billion of corporate bonds and $0.43 billion of covered bonds. Fair Value Measurements on a Recurring Basis As of December 31, 2020 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 40 $ — $ — $ 40 Non-U.S. government securities — 239 — 239 Other 17 519 — 536 Total trading account assets 57 758 — 815 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 6,575 — — 6,575 Mortgage-backed securities — 14,305 — 14,305 Total U.S. Treasury and federal agencies 6,575 14,305 — 20,880 Asset-backed securities: Student loans — 314 — 314 Credit cards — 90 — 90 Collateralized loan obligations — 2,952 14 2,966 Non-agency CMBS and RMBS (2) — 78 — 78 Total asset-backed securities — 3,434 14 3,448 Non-U.S. debt securities: Mortgage-backed securities — 1,996 — 1,996 Asset-backed securities — 2,291 — 2,291 Government securities — 12,539 — 12,539 Other (3) — 12,903 — 12,903 Total non-U.S. debt securities — 29,729 — 29,729 State and political subdivisions — 1,548 — 1,548 Other U.S. debt securities — 3,443 — 3,443 Total available-for-sale investment securities 6,575 52,459 14 59,048 Other assets: Derivative instruments: Foreign exchange contracts — 25,941 2 $ (20,140) 5,803 Interest rate contracts 1 — — — 1 Total derivative instruments 1 25,941 2 (20,140) 5,804 Other — 525 — — 525 Total assets carried at fair value $ 6,633 $ 79,683 $ 16 $ (20,140) $ 66,192 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Other $ 4 $ — $ — $ — $ 4 Derivative instruments: Foreign exchange contracts 1 25,925 1 (15,558) 10,369 Interest rate contracts — 42 — — 42 Other derivative contracts — 157 — — 157 Total derivative instruments 1 26,124 1 (15,558) 10,568 Total liabilities carried at fair value $ 5 $ 26,124 $ 1 $ (15,558) $ 10,572 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $5.87 billion and $1.29 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. (3) As of December 31, 2020, the fair value of other non-U.S. debt securities included $9.55 billion of supranational and non-U.S. agency bonds, $1.88 billion of corporate bonds and $0.47 billion of covered bonds. The following tables present activity related to our level 3 financial assets during the three months ended March 31, 2021 and 2020, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the three months ended March 31, 2021, transfers into level 3 were primarily related to a U.S. corporate bond, for which fair value was measured using information obtained from third party sources, including non-binding broker/dealer quotes. During the three months ended March 31, 2021, transfers out of level 3 were mainly related to collateralized loan obligations, for which fair value was measured using prices based on observable market information. During the three months ended March 31, 2020, there were no transfers into or out of level 3. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended March 31, 2021 Fair Value as of Total Realized and Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of March 31, 2021 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded in Revenue (1) Recorded in Other Comprehensive Income (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations $ 14 $ — $ — $ 106 $ — $ — $ — $ (14) $ 106 Total asset-backed securities 14 — — 106 — — — (14) 106 Other U.S. debt securities — — — — — 15 — 15 Total Available-for-sale investment securities 14 — — 106 — — 15 (14) 121 Other assets: Derivative instruments: Foreign exchange contracts 2 — — 4 — — — — 6 $ 1 Total derivative instruments 2 — — 4 — — — — 6 1 Total assets carried at fair value $ 16 $ — $ — $ 110 $ — $ — $ 15 $ (14) $ 127 $ 1 (1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended March 31, 2020 Fair Value Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of March 31, 2020 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded (1) Recorded (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations 1,820 — (83) 178 (42) (32) — — 1,841 — Total asset-backed securities 1,820 — (83) 178 (42) (32) — — 1,841 — Non-U.S. debt securities: Asset-backed securities 887 — (65) — — (2) — — 820 — Other 45 — (1) — — — — — 44 — Total non-U.S. debt securities 932 — (66) — — (2) — — 864 — Total Available-for-sale investment securities 2,752 — (149) 178 (42) (34) — — 2,705 — Other assets: Derivative instruments: Foreign exchange contracts 4 11 — 3 — (1) — — 17 $ 12 Total derivative instruments 4 11 — 3 — (1) — — 17 12 Total assets carried at fair value $ 2,756 $ 11 $ (149) $ 181 $ (42) $ (35) $ — $ — $ 2,722 $ 12 ( 1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level 3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level 3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker/dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer. Quantitative Information about Level 3 Fair Value Measurements Fair Value Range Weighted-Average (Dollars in millions) As of March 31, 2021 As of December 31, 2020 Valuation Technique Significant Unobservable Input (1) As of March 31, 2021 As of March 31, 2021 As of December 31, 2020 Significant unobservable inputs readily available to State Street: Assets: Derivative Instruments, foreign exchange contracts $ 6 $ 2 Option model Volatility 4.2% - 17.8% 7.3 % 7.9 % Total $ 6 $ 2 Liabilities: Derivative instruments, foreign exchange contracts $ — $ 1 Option model Volatility 4.7% - 7.4% 4.7 % 7.7 % Total $ — $ 1 (1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument. Fair Value Estimates Estimates of fair value for financial instruments not carried at fair value in our consolidated statement of condition are generally subjective in nature, and are determined as of a specific point in time based on the characteristics of the financial instruments and relevant market information. The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated: Fair Value Hierarchy (In millions) Reported Amount Estimated Fair Value Quoted Market Prices in Active Markets (Level 1) Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3) March 31, 2021 Financial Assets: Cash and due from banks $ 4,552 4,552 $ 4,552 $ — $ — Interest-bearing deposits with banks 107,554 107,554 — 107,554 — Securities purchased under resale agreements 5,238 5,238 — 5,238 — HTM securities purchased under the MMLF 201 201 — 201 — Investment securities held-to-maturity 46,261 46,953 5,566 41,337 50 Net loans (1) 31,467 31,512 — 29,340 2,171 Other (2) 6,757 6,757 — 6,757 — Financial Liabilities: Deposits: Non-interest-bearing $ 57,079 $ 57,079 $ — $ 57,079 $ — Interest-bearing - U.S. 108,372 108,372 — 108,372 — Interest-bearing - non-U.S. 79,442 79,442 — 79,442 — Securities sold under repurchase agreements 587 587 — 587 — Short-term borrowings under the MMLF 200 200 — 200 — Other short-term borrowings 642 642 — 642 — Long-term debt 13,836 13,904 — 13,801 103 Other (1) 6,757 6,757 — 6,757 — (1) Includes $7 million of loans classified as held-for-sale that were measured at fair value in level 2 as of March 31, 2021. (2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. Fair Value Hierarchy (In millions) Reported Amount Estimated Fair Value Quoted Market Prices in Active Markets (Level 1) Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3) December 31, 2020 Financial Assets: Cash and due from banks $ 3,467 $ 3,467 $ 3,467 $ — $ — Interest-bearing deposits with banks 116,960 116,960 — 116,960 — Securities purchased under resale agreements 3,106 3,106 — 3,106 — HTM securities purchased under the MMLF 3,299 3,304 — 3,304 — Investment securities held-to-maturity 48,929 50,003 6,115 43,888 — Net loans 27,803 27,884 — 25,668 2,216 Other (1) 4,753 4,753 — 4,753 — Financial Liabilities: Deposits: Non-interest-bearing $ 49,439 $ 49,439 $ — $ 49,439 $ — Interest-bearing - U.S. 102,331 102,331 — 102,331 — Interest-bearing - non-U.S. 88,028 88,028 — 88,028 — Securities sold under repurchase agreements 3,413 3,413 — 3,413 — Short-term borrowings under the MMLF 3,302 3,302 — 3,302 — Other short-term borrowings 685 685 — 685 — Long-term debt 13,805 14,162 — 14,049 113 Other (1) 4,753 4,753 — 4,753 — (1) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. |
Investment Securities
Investment Securities | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment Securities | Investment Securities Investment securities held by us are classified as either trading account assets, AFS, HTM or equity securities held at fair value at the time of purchase and reassessed periodically, based on management’s intent. For additional information on our accounting for investment securities, refer to page 143 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. Trading assets are carried at fair value. Both realized and unrealized gains and losses on trading assets are recorded in foreign exchange trading services revenue in our consolidated statement of income. AFS securities are carried at fair value, with any allowance for credit losses recorded through the consolidated statement of income and after-tax net unrealized gains and losses are recorded in AOCI. Gains or losses realized on sales of AFS investment securities are computed using the specific identification method and are recorded in gains (losses) related to investment securities, net, in our consolidated statement of income. Starting in the first quarter of 2020, we supported our clients' liquidity needs through the MMLF program, purchasing a total of $29 billion of investment securities under that program, $0.2 billion of which remain outstanding as of March 31, 2021. HTM investment securities are carried at cost, adjusted for amortization of premiums and accretion of discounts, with any allowance for credit losses recorded through the consolidated statement of income. As of March 31, 2021, we recognized an allowance for credit losses on HTM investment securities of $2 million. The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated: March 31, 2021 December 31, 2020 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value (In millions) Gains Losses Gains Losses Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 8,948 $ 28 $ 39 $ 8,937 $ 6,453 $ 123 $ 1 $ 6,575 Mortgage-backed securities 14,181 326 82 14,425 13,891 421 7 14,305 Total U.S. Treasury and federal agencies 23,129 354 121 23,362 20,344 544 8 20,880 Asset-backed securities: Student loans (1) 283 5 — 288 313 2 1 314 Credit cards 90 1 — 91 90 — — 90 Collateralized loan obligations 3,770 6 1 3,775 2,969 3 6 2,966 Non-agency CMBS and RMBS (2) 70 1 — 71 76 2 — 78 Total asset-backed securities 4,213 13 1 4,225 3,448 7 7 3,448 Non-U.S. debt securities: Mortgage-backed securities 2,021 11 — 2,032 1,994 4 2 1,996 Asset-backed securities 2,296 2 1 2,297 2,294 1 4 2,291 Government securities 9,773 138 1 9,910 12,337 202 — 12,539 Other (3) 13,679 111 81 13,709 12,729 177 3 12,903 Total non-U.S. debt securities 27,769 262 83 27,948 29,354 384 9 29,729 State and political subdivisions (4) 1,431 69 2 1,498 1,470 80 2 1,548 Other U.S. debt securities 3,437 51 9 3,479 3,371 72 — 3,443 Total available-for-sale securities (5) $ 59,979 $ 749 $ 216 $ 60,512 $ 57,987 $ 1,087 $ 26 $ 59,048 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 5,530 $ 61 $ — $ 5,591 $ 6,057 $ 83 $ — $ 6,140 Mortgage-backed securities 34,930 629 322 35,237 36,901 955 67 37,789 Total U.S. Treasury and federal agencies 40,460 690 322 40,828 42,958 1,038 67 43,929 Asset-backed securities: Student loans (1) 4,745 43 20 4,768 4,774 33 25 4,782 Non-agency CMBS and RMBS (6) 526 32 1 557 554 30 1 583 Total asset-backed securities 5,271 75 21 5,325 5,328 63 26 5,365 Non-U.S. debt securities: Mortgage-backed securities 286 70 3 353 303 68 4 367 Government securities 246 — — 246 342 — — 342 Total non-U.S. debt securities 532 70 3 599 645 68 4 709 Total (5)(7) 46,263 835 346 46,752 48,931 1,169 97 50,003 HTM securities purchased under the MMLF program 201 — — 201 3,300 4 — 3,304 Total held-to-maturity securities (5) $ 46,464 $ 835 $ 346 $ 46,953 $ 52,231 $ 1,173 $ 97 $ 53,307 (1) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. (2) Consists entirely of non-agency CMBS as of both March 31, 2021 and December 31, 2020. (3) As of March 31, 2021 and December 31, 2020, the fair value of other non-U.S. debt securities included $10.13 billion and $9.55 billion, respectively, primarily of supranational and non-U.S. agency bonds, $1.90 billion and $1.88 billion, respectively, of corporate bonds and $0.43 billion and $0.47 billion, respectively, of covered bonds. (4) As of both March 31, 2021 and December 31, 2020, the fair value of state and political subdivisions includes securities in trusts of $0.70 billion. Additional information about these trusts is provided in Note 11. (5) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended March 31, 2021. (6) As of March 31, 2021 and December 31, 2020, the total amortized cost included $446 million and $464 million, respectively, of non-agency CMBS and $80 million and $90 million of non-agency RMBS, respectively. (7) As of March 31, 2021, we recognized an allowance for credit losses of $2 million on HTM investment securities. Aggregate investment securities with carrying values of approximately $71.70 billion and $70.57 billion as of March 31, 2021 and December 31, 2020, respectively, were designated as pledged for public and trust deposits, short-term borrowings and for other purposes as provided by law. The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated: As of March 31, 2021 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 5,438 $ 39 $ — $ — $ 5,438 $ 39 Mortgage-backed securities 3,753 82 11 — 3,764 82 Total U.S. Treasury and federal agencies 9,191 121 11 — 9,202 121 Asset-backed securities: Collateralized loan obligations 985 — 234 1 1,219 1 Total asset-backed securities 985 — 234 1 1,219 1 Non-U.S. debt securities: Asset-backed securities 231 — 895 1 1,126 1 Government securities 1,570 1 — — 1,570 1 Other 4,618 81 71 — 4,689 81 Total non-U.S. debt securities 6,419 82 966 1 7,385 83 State and political subdivisions 60 — 46 2 106 2 Other U.S. debt securities 922 9 — — 922 9 Total $ 17,577 $ 212 $ 1,257 $ 4 $ 18,834 $ 216 As of December 31, 2020 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 1,636 $ 1 $ — $ — $ 1,636 $ 1 Mortgage-backed securities 1,394 7 63 — 1,457 7 Total U.S. Treasury and federal agencies 3,030 8 63 — 3,093 8 Asset-backed securities: Student loans 31 — 197 1 228 1 Collateralized loan obligations 1,498 4 369 2 1,867 6 Total asset-backed securities 1,529 4 566 3 2,095 7 Non-U.S. debt securities: Mortgage-backed securities 600 1 120 1 720 2 Asset-backed securities 1,015 3 446 1 1,461 4 Government securities 489 — — — 489 — Other 715 3 80 — 795 3 Total non-U.S. debt securities 2,819 7 646 2 3,465 9 State and political subdivisions 95 — 76 2 171 2 Other U.S. debt securities 17 — — — 17 — Total $ 7,490 $ 19 $ 1,351 $ 7 $ 8,841 $ 26 The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of March 31, 2021. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties. As of March 31, 2021 (In millions) Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 3,211 $ 3,219 $ 3,524 $ 3,513 $ 2,213 $ 2,205 $ — $ — $ 8,948 $ 8,937 Mortgage-backed securities 109 114 795 808 3,808 3,830 9,469 9,673 14,181 14,425 Total U.S. Treasury and federal agencies 3,320 3,333 4,319 4,321 6,021 6,035 9,469 9,673 23,129 23,362 Asset-backed securities: Student loans 123 127 54 53 — — 106 108 283 288 Credit cards — — — — 90 91 — — 90 91 Collateralized loan obligations 71 71 961 963 1,398 1,399 1,340 1,342 3,770 3,775 Non-agency CMBS and RMBS — — — — — — 70 71 70 71 Total asset-backed securities 194 198 1,015 1,016 1,488 1,490 1,516 1,521 4,213 4,225 Non-U.S. debt securities: Mortgage-backed securities 276 277 576 578 49 50 1,120 1,127 2,021 2,032 Asset-backed securities 299 299 1,101 1,101 525 526 371 371 2,296 2,297 Government securities 2,526 2,527 6,736 6,866 453 458 58 59 9,773 9,910 Other 1,823 1,830 9,370 9,407 2,375 2,367 111 105 13,679 13,709 Total non-U.S. debt securities 4,924 4,933 17,783 17,952 3,402 3,401 1,660 1,662 27,769 27,948 State and political subdivisions 144 144 609 631 506 544 172 179 1,431 1,498 Other U.S. debt securities 590 594 2,786 2,820 61 65 — — 3,437 3,479 Total $ 9,172 $ 9,202 $ 26,512 $ 26,740 $ 11,478 $ 11,535 $ 12,817 $ 13,035 $ 59,979 $ 60,512 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 4,405 $ 4,444 $ 1,104 $ 1,126 $ 1 $ 1 $ 20 $ 20 $ 5,530 $ 5,591 Mortgage-backed securities 220 228 350 357 5,104 5,031 29,256 29,621 34,930 35,237 Total U.S. Treasury and federal agencies 4,625 4,672 1,454 1,483 5,105 5,032 29,276 29,641 40,460 40,828 Asset-backed securities: Student loans 364 357 125 123 901 908 3,355 3,380 4,745 4,768 Non-agency CMBS and RMBS 135 147 253 255 2 2 136 153 526 557 Total asset-backed securities 499 504 378 378 903 910 3,491 3,533 5,271 5,325 Non-U.S. debt securities: Mortgage-backed securities 84 81 22 22 — — 180 250 286 353 Government securities 246 246 — — — — — — 246 246 Total non-U.S. debt securities 330 327 22 22 — — 180 250 532 599 Total 5,454 5,503 1,854 1,883 6,008 5,942 32,947 33,424 46,263 46,752 Held-to-maturity under money market mutual fund liquidity facility 201 201 — — — — — — 201 201 Total held-to-maturity securities $ 5,655 $ 5,704 $ 1,854 $ 1,883 $ 6,008 $ 5,942 $ 32,947 $ 33,424 $ 46,464 $ 46,953 Allowance for Credit Losses on Debt Securities and Impairment of AFS Securities We conduct quarterly reviews of HTM and AFS securities on a collective (pool) basis when similar risk characteristics exist to determine whether an allowance for credit losses should be recognized. We review individual AFS securities periodically to assess if additional impairment is required. For additional information about the review of investment securities for expected credit losses or impairment, refer to pages 148 to 149 in Note 3 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. We monitor the credit quality of the HTM and AFS investment securities using a variety of methods, including both external and internal credit ratings. As of March 31, 2021, 99% of our HTM and AFS investment portfolio is publicly rated investment grade. Our allowance for credit losses on our HTM securities is approximately $2 million as of March 31, 2021. In the first quarter of 2021, we recorded a $1 million reserve release and no charge-offs on HTM securities. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Loans and Allowance for Credit Losses | Loans and Allowance for Credit Losses We segregate our loans into two segments: commercial and financial loans and commercial real estate loans. We further classify commercial and financial loans as fund finance loans, leveraged loans, overdrafts and other. These classifications reflect their risk characteristics, their initial measurement attributes and the methods we use to monitor and assess credit risk. For additional information on our loans, including our internal risk-rating system used to assess our risk of credit loss for each loan, refer to pages 149 to 154 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. The following table presents our recorded investment in loans, by segment, as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Domestic (1) : Commercial and financial: Fund Finance (2) $ 11,054 11,531 Leveraged loans 3,103 2,923 Overdrafts 4,507 1,894 Other (3) 1,963 2,688 Commercial real estate 2,096 2,096 Total domestic 22,723 21,132 Foreign (1) : Commercial and financial: Fund Finance (2) 4,768 4,432 Leveraged loans 1,109 1,242 Overdrafts 2,956 1,088 Other (3) 29 31 Total foreign 8,862 6,793 Total loans (2) 31,585 27,925 Allowance for credit losses (118) (122) Loans, net of allowance $ 31,467 $ 27,803 (1) Domestic and foreign categorization is based on the borrower’s country of domicile. (2) Fund finance loans include primarily $6,288 million loans to real money funds, $8,450 million private equity capital call finance loans and $832 million loans to business development companies as of March 31, 2021, compared to $6,391 million loans to real money funds, $8,380 million private equity capital call finance loans and $821 million loans to business development companies as of December 31, 2020. (3) Includes $1,110 million securities finance loans, $831 million loans to municipalities and $51 million other loans as of March 31, 2021 and $1,911 million securities finance loans, $754 million loans to municipalities and $54 million other loans as of December 31, 2020. The commercial and financial segment is composed of primarily fund finance loans, purchased leveraged loans, overdrafts and other loans. Fund finance loans are composed of revolving credit lines providing liquidity and leverage to mutual fund and private equity fund clients. Certain loans are pledged as collateral for access to the Federal Reserve's discount window. As of March 31, 2021 and December 31, 2020, the loans pledged as collateral totaled $8.63 billion and $8.07 billion, respectively. As of March 31, 2021 and December 31, 2020, we had no loans on non-accrual status. We sold $42 million of leveraged loans in the first quarter of 2021 of which $7 million remained unsettled and was held for sale as of March 31, 2021. In certain circumstances, we restructure troubled loans by granting concessions to borrowers experiencing financial difficulty. Once restructured, the loans are generally considered impaired until their maturity, regardless of whether the borrowers perform under the modified terms of the loans. There were no loans modified in troubled debt restructurings during the first quarter of 2021. Allowance for Credit Losses We recognize an allowance for credit losses in accordance with ASC 326 for financial assets held at amortized cost and off-balance sheet commitments. The allowance for credit losses is reviewed on a regular basis, and any provision for credit losses is recorded to reflect the amount necessary to maintain the allowance for expected credit losses at a level which represents what management does not expect to recover due to expected credit losses. For additional discussion on the allowance for credit losses for investment securities, please refer to Note 3, to the consolidated financial statements in this Form 10-Q. When the allowance is recorded, a provision for credit loss expense is recognized in net income. The allowance for credit losses for financial assets (excluding investment securities, as discussed in Note 3) represents the portion of the amortized cost basis, including accrued interest for financial assets held at amortized cost, which management does not expect to recover due to expected credit losses and is presented on the statement of condition as an offset to the amortized cost basis. The accrued interest balance is presented separately on the statement of condition within accrued interest and fees receivable. The allowance for off-balance sheet commitments is presented within other liabilities. The allowance for credit losses may be determined using various methods, including discounted cash flow methods, loss-rate methods, probability-of-default methods, and other quantitative or qualitative methods as determined by us. The method used to estimate expected credit losses may vary depending on the type of financial asset, our ability to predict the timing of cash flows, and the information available to us. We measure expected credit losses of financial assets on a collective (pool) basis when similar risk characteristic exist. Each reporting period, we assess whether the assets in the pool continue to display similar risk characteristics. For a financial asset that does not share risk characteristics with other assets, expected credit losses are measured as the difference between the discounted value of the expected future cash flows, utilizing the effective interest rate and the amortized cost basis of the asset. As of March 31, 2021, we had nine loans for $212 million in the commercial and financial segment that no longer met the similar risk characteristics of their collective pool. We recorded an allowance for credit losses of $20 million as of March 31, 2021 on these loans. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods, factors and forecasts then prevailing may result in significant changes in the allowance for credit losses in those future periods. We estimate credit losses over the contractual life of the financial asset, while factoring in prepayment activity, where supported by data, over a three year reasonable and supportable forecast period. We utilize a baseline, upside and downside scenario which are applied based on a probability weighting, in order to better reflect management’s expectation of expected credit losses given existing market conditions and the changes in the economic environment. The multiple scenarios are based on a three year horizon (or less depending on contractual maturity) and then revert linearly over a two year period to a ten-year historical average thereafter. The contractual term excludes expected extensions, renewals and modifications, but includes prepayment assumptions where applicable. As part of our allowance methodology, we establish qualitative reserves to address any risks inherent in our portfolio that are not addressed through our quantitative reserve assessment. These factors may relate to, among other things, legislation changes or new regulation, credit concentration, loan markets, scenario weighting and overall model limitations. The qualitative adjustments are applied to our portfolio of financial instruments under the existing governance structure and are inherently judgmental. For additional information on the allowance for credit losses, refer to pages 150 to 151 in Note 4 to the consolidated financial statements included under item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. Credit Quality Credit quality for financial assets held at amortized cost are continuously monitored by management and is reflected within the allowance for credit losses. We use an internal risk-rating system to assess our risk of credit loss for each loan. This risk-rating process incorporates the use of risk-rating tools in conjunction with management judgment. Qualitative and quantitative inputs are captured in a systematic manner, and following a formal review and approval process, an internal credit rating based on our credit scale is assigned. When computing allowance levels, credit loss assumptions are estimated using a model that categorizes asset pools based on loss history, delinquency status and other credit trends and risk characteristics, including current conditions and reasonable and supportable forecasts about the future. Determining the appropriateness of the allowance is complex and requires judgment by management about the effect of matters that are inherently uncertain. In future periods evaluations of the overall asset portfolio, in light of the factors and forecasts then prevailing, may result in significant changes in the allowance and credit loss expense in those future periods. Credit quality is assessed and monitored by evaluating various attributes in order to enable the earliest possible detection of any concerns with the customer’s credit rating. The results of those evaluations are utilized in underwriting new loans and transactions with counterparties and in our process for estimation of expected credit losses. In assessing the risk rating assigned to each individual loan, among the factors considered are the borrower's debt capacity, collateral coverage, payment history and delinquency experience, financial flexibility and earnings strength, the expected amounts and source of repayment, the level and nature of contingencies, if any, and the industry and geography in which the borrower operates. These factors are based on an evaluation of historical and current information, and involve subjective assessment and interpretation. Credit counterparties are evaluated and risk-rated on an individual basis at least annually. Management considers the ratings to be current as of March 31, 2021. Our internal risk rating methodology assigns risk ratings to counterparties ranging from Investment Grade, Speculative, Special Mention, Substandard, Doubtful and Loss. • Investment Grade. Counterparties with strong credit quality and low expected credit risk and probability of default. Approximately 82% of our loans were rated as investment grade as of March 31, 2021 with external credit ratings, or equivalent, of "BBB-" or better. • Speculative. Counterparties that have the ability to repay but face significant uncertainties, such as adverse business, financial circumstances that could affect credit risk or economic downturns. Loans to counterparties rated as speculative account for approximately 17% of our loans as of March 31, 2021, and are concentrated in leveraged loans. Approximately 86% of those leveraged loans have an external credit rating, or equivalent, of "BB" or "B" as of March 31, 2021. • Special Mention. Counterparties with potential weaknesses that, if uncorrected, may result in deterioration of repayment prospects. • Substandard. Counterparties with well-defined weakness that jeopardizes repayment with the possibility we will sustain some loss. • Doubtful. Counterparties with well-defined weakness which make collection or liquidation in full highly questionable and improbable. • Loss. Counterparties which are uncollectible or have little value. The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated: March 31, 2021 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 24,147 $ 1,675 $ 25,822 Speculative 5,088 421 5,509 Special mention 111 — 111 Substandard 127 — 127 Doubtful 16 — 16 Total (1) $ 29,489 $ 2,096 $ 31,585 December 31, 2020 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 20,859 $ 1,724 $ 22,583 Speculative 4,852 372 5,224 Special mention 67 — 67 Substandard 34 — 34 Doubtful 17 — 17 Total (1) $ 25,829 $ 2,096 $ 27,925 (1) Loans Include $7,463 million and $2,982 million of overdrafts as of March 31, 2021 and December 31, 2020 respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. For additional information about credit quality, refer to pages 151 to 154 in Note 4 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of March 31, 2021. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement. (In millions) 2021 2020 2019 2018 2017 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 4,563 $ 58 $ 385 $ 4 $ 162 $ 200 $ 11,767 $ 17,139 Speculative 346 438 822 721 556 42 349 3,274 Special mention — — 48 29 34 — — 111 Substandard — — 48 26 — 29 — 103 Total commercial and financing $ 4,909 $ 496 $ 1,303 $ 780 $ 752 $ 271 $ 12,116 $ 20,627 Commercial real estate: Risk Rating: Investment grade $ — $ 129 $ 383 $ 689 $ 277 $ 197 $ — $ 1,675 Speculative 120 49 166 57 — 29 — $ 421 Total commercial real estate $ 120 $ 178 $ 549 $ 746 $ 277 $ 226 $ — $ 2,096 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 2,275 $ — $ — $ — $ — $ — $ 4,733 $ 7,008 Speculative 730 176 348 256 177 63 64 1,814 Substandard — — — 24 — — — 24 Doubtful — — — — 16 — — 16 Total commercial and financing $ 3,005 $ 176 $ 348 $ 280 $ 193 $ 63 $ 4,797 $ 8,862 Total loans $ 8,034 $ 850 $ 2,200 $ 1,806 $ 1,222 $ 560 $ 16,913 $ 31,585 (1) Any reserve associated with accrued interest is not material. As of March 31, 2021, accrued interest receivable of $105 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2020: (In millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,894 $ 388 $ 4 $ 167 $ 200 $ — $ 12,836 $ 15,489 Speculative 432 942 822 610 43 — 597 3,446 Special mention — 28 — 39 — — — 67 Substandard — 5 — — 29 — — 34 Total commercial and financing $ 2,326 $ 1,363 $ 826 $ 816 $ 272 $ — $ 13,433 $ 19,036 Commercial real estate: Risk Rating: Investment grade $ 178 $ 383 $ 688 $ 277 $ 197 $ — $ — $ 1,723 Speculative 120 166 58 — — 29 — $ 373 Total commercial real estate $ 298 $ 549 $ 746 $ 277 $ 197 $ 29 $ — $ 2,096 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 1,028 $ — $ — $ — $ — $ — $ 4,343 $ 5,371 Speculative 283 401 346 162 26 66 121 1,405 Doubtful — — — 17 — — — 17 Total commercial and financing $ 1,311 $ 401 $ 346 $ 179 $ 26 $ 66 $ 4,464 $ 6,793 Total loans $ 3,935 $ 2,313 $ 1,918 $ 1,272 $ 495 $ 95 $ 17,897 $ 27,925 (1) Any reserve associated with accrued interest is not material. As of December 31, 2020, accrued interest receivable of $72 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. The following table presents the activity in the allowance for credit losses by portfolio and class for the periods indicated: Three Months Ended March 31, 2021 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 97 $ 17 $ 8 $ 3 $ 22 $ 1 $ 148 Charge-offs — — — — — — — Provision (1) (5) 6 (1) (7) (1) (9) Currency translation (4) — — — — — (4) Ending balance $ 92 $ 12 $ 14 $ 2 $ 15 $ — $ 135 (1) Includes $10 million allowance for credit losses on Fund Finance loans and $2 million on other loans. . Three Months Ended March 31, 2020 Commercial and Financial (In millions) Leveraged Loans Other Loans Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 61 $ 10 $ 2 $ — $ 19 $ 1 $ 93 Charge-offs (5) — — — — — (5) Provision 27 — 2 4 3 — 36 Ending balance $ 83 $ 10 $ 4 $ 4 $ 22 $ 1 $ 124 Loans are reviewed on a regular basis, and any provisions for credit losses that are recorded reflect management's estimate of the amount necessary to maintain the allowance for loan losses at a level considered appropriate to absorb estimated credit losses in the loan portfolio. We reduced the allowance for credit losses by $13 million, principally through a $9 million reserve release in the provision for credit losses in the first quarter of 2021, versus an increase in the allowance for credit losses of $31 million principally through a $36 million provision for credit losses, in the first quarter of 2020. The reduction in the allowance reflects a shift in management’s economic outlook toward economic expansion and limited negative credit migration within our loan portfolio. Allowance estimates remain subject to continued model and economic uncertainty and management may use qualitative adjustments in the allowance estimates. If future data and forecasts deviate relative to the forecasts utilized to determine our allowance for credit losses as of March 31, 2021, or if credit risk migration is higher or lower than forecasted for reasons independent of the economic forecast, our allowance for credit losses will also change. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The following table presents changes in the carrying amount of goodwill during the periods indicated: (In millions) Investment Servicing (1) Investment Total Goodwill: Ending balance December 31, 2019 $ 7,289 $ 267 $ 7,556 Foreign currency translation 124 3 127 Ending balance December 31, 2020 7,413 270 7,683 Acquisitions (2) 3 — 3 Foreign currency translation (56) (1) (57) Ending balance March 31, 2021 $ 7,360 $ 269 $ 7,629 (1) Investment Servicing includes our acquisition of CRD. (2) On March 31, 2021, Investment Servicing includes our acquisition of the depositary bank and fund administrator activities of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, with a total purchase price of approximately EUR 220 million or approximately $258 million. We accounted for this acquisition of a going concern as a business combination and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The purchase price accounting reflected is provisional and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805). The measurement period remains open pending the completion of valuation procedures related to the acquired assets and assumed liabilities, primarily the identifiable intangible assets. The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: (In millions) Investment Servicing (1) Investment Total Other intangible assets: Ending balance December 31, 2019 $ 1,908 $ 122 $ 2,030 Amortization (206) (28) (234) Foreign currency translation 31 — 31 Ending balance December 31, 2020 1,733 94 1,827 Acquisitions (2) 253 — 253 Amortization (52) (6) (58) Foreign currency translation (15) — (15) Ending balance March 31, 2021 $ 1,919 $ 88 $ 2,007 (1) Investment Servicing includes our acquisition of CRD. (2) On March 31, 2021, Investment Servicing includes our acquisition of the depositary bank and fund administrator activities, of Fideuram Bank Luxembourg, a subsidiary of Intesa Sanpaolo, for a total purchase price of approximately EUR 220 million or approximately $258 million. We accounted for this acquisition of a going concern as a business combination and, in accordance with ASC Topic 805, Business Combinations, we have recorded assets acquired and liabilities assumed at their respective fair values as of the acquisition date. The purchase price accounting reflected is provisional and is based upon estimates and assumptions that are subject to change within the measurement period (up to one year from the acquisition date pursuant to ASC 805). The measurement period remains open pending the completion of valuation procedures related to the acquired assets and assumed liabilities, primarily the identifiable intangible assets. The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated: March 31, 2021 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,827 $ (1,387) $ 1,440 Technology 386 (115) 271 Core deposits 699 (429) 270 Other 104 (78) 26 Total $ 4,016 $ (2,009) $ 2,007 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In millions) Other intangible assets: Client relationships $ 2,704 $ (1,450) $ 1,254 Technology 393 (113) 280 Core deposits 690 (425) 265 Other 107 (79) 28 Total $ 3,894 $ (2,067) $ 1,827 |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Other Assets | Other Assets The following table presents the components of other assets as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Securities borrowed (1) $ 24,773 $ 18,330 Derivative instruments, net 8,170 5,804 Bank-owned life insurance 3,502 3,479 Investments in joint ventures and other unconsolidated entities 3,027 3,095 Collateral, net 1,639 2,713 Receivable for securities settlement 1,110 117 Right-of-use assets 632 720 Accounts receivable 468 379 Prepaid expenses 461 383 Income tax receivable 300 367 Deferred tax assets, net of valuation allowance (2) 221 233 Deposits with clearing organizations 58 58 Other 872 832 Total $ 45,233 $ 36,510 (1) Refer to Note 8, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions. (2) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments We use derivative financial instruments to support our clients' needs and to manage our interest rate and currency risks. These financial instruments consist of FX contracts such as forwards, futures and options contracts; interest rate contracts such as interest rate swaps (cross currency and single currency) and futures; and other derivative contracts. Derivative instruments used for risk management purposes that are highly effective in offsetting the risk being hedged are generally designated as hedging instruments in hedge accounting relationships, while others are economic hedges and not designated in hedge accounting relationships. For additional information on our derivative financial instruments, including derivatives not designated as hedging instruments, refer to pages 158 to 159 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. Derivatives Designated as Hedging Instruments For additional information on our derivatives designated as hedging instruments, including our risk management objectives and hedging documentation methodologies, refer to page 159 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. Fair Value Hedges Derivatives designated as fair value hedges are utilized to mitigate the risk of changes in the fair values of recognized assets and liabilities, including long-term debt and AFS securities. We use interest rate contracts in this manner to manage our exposure to changes in the fair value of hedged items caused by changes in interest rates. Changes in the fair value of the derivative and changes in fair value of the hedged item due to changes in the hedged risk are recognized in earnings in the same line item. If a hedge is terminated, but the hedged item was not derecognized, all remaining adjustments to the carrying amount of the hedged item are amortized over a period that is consistent with the amortization of other discounts or premiums associated with the hedged item . Cash Flow Hedges Derivatives designated as cash flow hedges are utilized to offset the variability of cash flows of recognized assets or liabilities or forecasted transactions. We have entered into FX contracts to hedge the change in cash flows attributable to FX movements in foreign currency denominated investment securities. Additionally, we have entered into interest rate swap agreements to hedge the forecasted cash flows associated with LIBOR indexed floating-rate loans. The interest rate swaps synthetically convert the loan interest receipts from a variable-rate to a fixed-rate, thereby mitigating the risk attributable to changes in the LIBOR benchmark rate. Changes in fair value of the derivatives designated as cash flow hedges are initially recorded in AOCI and then reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings and are presented in the same income statement line item as the earnings effect of the hedged item. If the hedge relationship is terminated, the change in fair value on the derivative recorded in AOCI is reclassified into earnings consistent with the timing of the hedged item. For hedge relationships that are discontinued because a forecasted transaction is not expected to occur according to the original hedge terms, any related derivative values recorded in AOCI are immediately recognized in earnings. Net Investment Hedges Derivatives categorized as net investment hedges are entered into to protect the net investment in our foreign operations against adverse changes in exchange rates. We use FX forward contracts to convert the foreign currency risk to U.S. dollars to mitigate our exposure to fluctuations in FX rates. The changes in fair value of the FX forward contracts are recorded, net of taxes, in the foreign currency translation component of OCI. The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset-and-liability management activities as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments: Interest rate contracts: Futures $ 3,238 $ 2,842 Foreign exchange contracts: Forward, swap and spot 2,735,180 2,640,989 Options purchased 1,333 946 Options written 380 661 Futures 2,639 1,980 Other: Stable value contracts (1) 32,654 32,359 Deferred value awards (2) 443 332 Derivatives designated as hedging instruments: Interest rate contracts: Swap agreements 7,459 7,449 Foreign exchange contracts: Forward and swap 6,055 5,221 (1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values. (2) Represents grants of deferred value awards to employees; refer to pages 158 to 159 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. Notional amounts are provided here as an indication of the volume of our derivative activity and serve as a reference to calculate the fair values of the derivative. The following tables present the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8. Derivative Assets (1) Derivative Liabilities (2) (In millions) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 21,776 $ 25,939 $ 22,044 $ 25,811 Other derivative contracts — — 181 157 Total $ 21,776 $ 25,939 $ 22,225 $ 25,968 Derivatives designated as hedging instruments: Foreign exchange contracts $ 122 $ 4 $ 1 $ 116 Interest rate contracts 1 1 35 42 Total $ 123 $ 5 $ 36 $ 158 (1) Derivative assets are included within other assets in our consolidated statement of condition. (2) Derivative liabilities are included within other liabilities in our consolidated statement of condition. The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Location of Gain (Loss) on Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Three Months Ended March 31, (In millions) 2021 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts Foreign exchange trading services revenue $ 242 $ 333 Foreign exchange contracts Interest expense 21 2 Interest rate contracts Foreign exchange trading services revenue — 3 Other derivative contracts Compensation and employee benefits (79) (67) Total $ 184 $ 271 The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships: March 31, 2021 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 9,771 $ — $ 636 Available-for-sale securities 2,814 (8) 37 December 31, 2020 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 10,519 $ 3 $ 688 Available-for-sale securities 2,330 2 43 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. As of March 31, 2021 and December 31, 2020, the total notional amount of the interest rate swaps of fair value hedges was $2.61 billion and $2.60 billion, respectively. The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain Derivatives designated as fair value hedges: Interest rate contracts Net interest income $ 16 $ (11) Available-for-sale securities (1) Net interest income $ (16) $ 10 Interest rate contracts Net interest income (12) 547 Long-term debt Net interest income 11 (535) Total $ 4 $ 536 $ (5) $ (525) (1) In the first quarter of 2021, approximately $12 million of net unrealized gains on AFS investment securities designated in fair value hedges was recognized in OCI compared to $7 million of net unrealized losses in the same period in 2020. Three Months Ended March 31, Three Months Ended March 31, 2021 2020 Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2021 2020 (In millions) Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives designated as cash flow hedges: Interest rate contracts (1) $ (16) $ 158 Net interest income $ 18 $ — Foreign exchange contracts 36 10 Net interest income 3 7 Total derivatives designated as cash flow hedges $ 20 $ 168 $ 21 $ 7 Derivatives designated as net investment hedges: Foreign exchange contracts $ 135 $ 108 Gains (Losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 135 108 — — Total $ 155 $ 276 $ 21 $ 7 (1) As of March 31, 2021, the maximum maturity date of the underlying hedged items is approximately 3.4 years. Derivatives Netting and Credit Contingencies Netting Derivatives receivable and payable as well as cash collateral from the same counterparty are netted in the consolidated statement of condition for those counterparties with whom we have legally binding master netting agreements in place. In addition to cash collateral received and transferred presented on a net basis, we also receive and transfer collateral in the form of securities, which mitigate credit risk but are not eligible for netting. Additional information on netting is provided in Note 8. Credit Contingencies Certain of our derivatives are subject to master netting agreements with our derivative counterparties containing credit risk-related contingent features, which requires us to maintain an investment grade credit rating with the various credit rating agencies. If our rating falls below investment grade, we would be in violation of the provisions, and counterparties to the derivatives could request immediate payment or demand full overnight collateralization on derivatives instruments in net liability positions. The aggregate fair value of all derivatives with credit contingent features and in a liability position as of March 31, 2021 totaled approximately $5.15 billion, against which we provided $3.66 billion of collateral in the normal course of business. If our credit related contingent features underlying these agreements were triggered as of March 31, 2021, the maximum additional collateral we would be required to post to our counterparties is approximately $1.49 billion. |
Offsetting Arrangements
Offsetting Arrangements | 3 Months Ended |
Mar. 31, 2021 | |
Offsetting [Abstract] | |
Offsetting Arrangements | Offsetting Arrangements For additional information on our offsetting arrangements, refer to page 163 in Note 11 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. As of March 31, 2021 and December 31, 2020, the value of securities received as collateral from third parties where we are permitted to transfer or re-pledge the securities totaled $9.94 billion and $6.48 billion, respectively, and the fair value of the portion that had been transferred or re-pledged as of the same dates was $2.89 billion and $3.88 billion, respectively. The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated: Assets: March 31, 2021 Gross Amounts of Recognized Assets (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 21,898 $ (11,923) $ 9,975 $ — $ 9,975 Interest rate contracts (6) 1 (1) — — — Cash collateral and securities netting NA (1,805) (1,805) (1,174) (2,979) Total derivatives 21,899 (13,729) 8,170 (1,174) 6,996 Other financial instruments: Resale agreements and securities borrowing (7)(8) 144,230 (114,219) 30,011 (29,672) 339 Total derivatives and other financial instruments $ 166,129 $ (127,948) $ 38,181 $ (30,846) $ 7,335 Assets: December 31, 2020 Gross Amounts of Recognized Assets (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 25,943 $ (14,271) $ 11,672 $ — $ 11,672 Interest rate contracts (6) 1 — 1 — 1 Cash collateral and securities netting NA (5,869) (5,869) (1,105) (6,974) Total derivatives 25,944 (20,140) 5,804 (1,105) 4,699 Other financial instruments: Resale agreements and securities borrowing (7)(8) 174,461 (153,025) 21,436 (20,568) 868 Total derivatives and other financial instruments $ 200,405 $ (173,165) $ 27,240 $ (21,673) $ 5,567 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Includes securities in connection with our securities borrowing transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $30.01 billion as of March 31, 2021 were $5.24 billion of resale agreements and $24.77 billion of collateral provided related to securities borrowing. Included in the $21.44 billion as of December 31, 2020 were $3.11 billion of resale agreements and $18.33 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated: Liabilities: March 31, 2021 Gross Amounts of Recognized Liabilities (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 22,045 $ (11,923) $ 10,122 $ — $ 10,122 Interest rate contracts (6) 35 (1) 34 — 34 Other derivative contracts 181 — 181 — 181 Cash collateral and securities netting NA (3,610) (3,610) (1,652) (5,262) Total derivatives 22,261 (15,534) 6,727 (1,652) 5,075 Other financial instruments: Repurchase agreements and securities lending (7)(8) 128,605 (114,220) 14,385 (13,815) 570 Total derivatives and other financial instruments $ 150,866 $ (129,754) $ 21,112 $ (15,467) $ 5,645 Liabilities: December 31, 2020 Gross Amounts of Recognized Liabilities (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 25,927 $ (14,271) $ 11,656 $ — $ 11,656 Interest rate contracts (6) 42 — 42 — 42 Other derivative contracts 157 — 157 — 157 Cash collateral and securities netting NA (1,287) (1,287) (1,732) (3,019) Total derivatives 26,126 (15,558) 10,568 (1,732) 8,836 Other financial instruments: Repurchase agreements and securities lending (7)(8) 165,793 (153,025) 12,768 (12,448) 320 Total derivatives and other financial instruments $ 191,919 $ (168,583) $ 23,336 $ (14,180) $ 9,156 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Includes securities provided in connection with our securities lending transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $14.39 billion as of March 31, 2021 were $0.59 billion of repurchase agreements and $13.80 billion of collateral received related to securities lending transactions. Included in the $12.77 billion as of December 31, 2020 were $3.41 billion of repurchase agreements and $9.36 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable The securities transferred under resale and repurchase agreements typically are U.S. Treasury, agency and agency MBS. In our principal securities borrowing and lending arrangements, the securities transferred are predominantly equity securities and some corporate debt securities. The fair value of the securities transferred may increase in value to an amount greater than the amount received under our repurchase and securities lending arrangements, which exposes us to counterparty risk. We require the review of the price of the underlying securities in relation to the carrying value of the repurchase agreements and securities lending arrangements on a daily basis and when appropriate, adjust the cash or security to be obtained or returned to counterparties that is reflective of the required collateral levels. The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated: As of March 31, 2021 As of December 31, 2020 (In millions) Overnight and Continuous Up to 30 Days Greater than 90 Days Total Overnight and Continuous Up to 30 Days Greater than 90 Days Total Repurchase agreements: U.S. Treasury and agency securities $ 110,960 $ — $ — $ 110,960 $ 152,140 $ — $ — $ 152,140 Total 110,960 — — 110,960 152,140 — — 152,140 Securities lending transactions: US Treasury and agency securities 2 — — 2 — — — — Corporate debt securities 96 — — 96 110 — — 110 Equity securities 9,308 38 1,444 10,790 7,578 56 1,156 8,790 Other (1) 6,757 — — 6,757 4,753 — — 4,753 Total 16,163 38 1,444 17,645 12,441 56 1,156 13,653 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 127,123 $ 38 $ 1,444 $ 128,605 $ 164,581 $ 56 $ 1,156 $ 165,793 (1) Represents a security interest in underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge. |
Commitments and Guarantees
Commitments and Guarantees | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Guarantees | Commitments and Guarantees For additional information on our commitments and guarantees, refer to page 166 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and off-balance sheet guarantees as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Commitments: Unfunded credit facilities $ 34,114 $ 34,213 Guarantees (1) : Indemnified securities financing $ 436,039 $ 440,875 Standby letters of credit 3,502 3,330 (1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties. As of March 31, 2021, approximately 72% of our unfunded commitments to extend credit expire within one year, compared to approximately 73% as of December 31, 2020. Indemnified Securities Financing For additional information on our indemnified securities financing, refer to page 166 in Note 12 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Fair value of indemnified securities financing $ 436,039 $ 440,875 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 457,367 463,273 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 59,308 54,432 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 64,146 58,092 In certain cases, we participate in securities finance transactions as a principal. As a principal, we borrow securities from the lending client and then lend such securities to the subsequent borrower, either our client or a broker/dealer. Our right to receive and obligation to return collateral in connection with our securities lending transactions are recorded in other assets and other liabilities, respectively, in our consolidated statement of condition. As of March 31, 2021 and December 31, 2020, we had approximately $24.77 billion and $18.33 billion, respectively, of collateral provided and approximately $13.80 billion and $9.36 billion, respectively, of collateral received from clients in connection with our participation in principal securities finance transactions. |
Contingencies
Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies Legal and Regulatory Matters In the ordinary course of business, we and our subsidiaries are involved in disputes, litigation, and governmental or regulatory inquiries and investigations, both pending and threatened. These matters, if resolved adversely against us or settled, may result in monetary awards or payments, fines and penalties or require changes in our business practices. The resolution or settlement of these matters is inherently difficult to predict. Based on our assessment of these pending matters, we do not believe that the amount of any judgment, settlement or other action arising from any pending matter is likely to have a material adverse effect on our consolidated financial condition. However, an adverse outcome or development in certain of the matters described below could have a material adverse effect on our consolidated results of operations for the period in which such matter is resolved, or an accrual is determined to be required, on our consolidated financial condition, or on our reputation. We evaluate our needs for accruals of loss contingencies related to legal and regulatory proceedings on a case-by-case basis. When we have a liability that we deem probable, and we deem the amount of such liability can be reasonably estimated as of the date of our consolidated financial statements, we accrue our estimate of the amount of loss. We also consider a loss probable and establish an accrual when we make, or intend to make, an offer of settlement. Once established, an accrual is subject to subsequent adjustment as a result of additional information. The resolution of legal and regulatory proceedings and the amount of reasonably estimable loss (or range thereof) are inherently difficult to predict, especially in the early stages of proceedings. Even if a loss is probable, an amount (or range) of loss might not be reasonably estimated until the later stages of the proceeding due to many factors such as the presence of complex or novel legal theories, the discretion of governmental authorities in seeking sanctions or negotiating resolutions in civil and criminal matters, the pace and timing of discovery and other assessments of facts and the procedural posture of the matter (collectively, "factors influencing reasonable estimates"). As of March 31, 2021, our aggregate accruals for loss contingencies for legal, regulatory and related matters totaled approximately $146 million, including potential fines by government agencies and civil litigation with respect to the matters specifically discussed below. To the extent that we have established accruals in our consolidated statement of condition for probable loss contingencies, such accruals may not be sufficient to cover our ultimate financial exposure associated with any settlements or judgments. Any such ultimate financial exposure, or proceedings to which we may become subject in the future, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. As of March 31, 2021, for those matters for which we have accrued probable loss contingencies (including the Invoicing Matter described below) and for other matters for which loss is reasonably possible (but not probable) in future periods, and for which we are able to estimate a range of reasonably possible loss, our estimate of the aggregate reasonably possible loss (in excess of any accrued amounts) ranges up to approximately $40 million. Our estimate with respect to the aggregate reasonably possible loss is based upon currently available information and is subject to significant judgment and a variety of assumptions and known and unknown uncertainties, which may change quickly and significantly from time to time, particularly if and as we engage with applicable governmental agencies or plaintiffs in connection with a proceeding. Also, the matters underlying the reasonably possible loss will change from time to time. As a result, actual results may vary significantly from the current estimate. In certain pending matters, it is not currently feasible to reasonably estimate the amount or a range of reasonably possible loss, and such losses, which may be significant, are not included in the estimate of reasonably possible loss discussed above. This is due to, among other factors, the factors influencing reasonable estimates described above. An adverse outcome in one or more of the matters for which we have not estimated the amount or a range of reasonably possible loss, individually or in the aggregate, could have a material adverse effect on our businesses, on our future consolidated financial statements or on our reputation. Given that our actual losses from any legal or regulatory proceeding for which we have provided an estimate of the reasonably possible loss could significantly exceed such estimate, and given that we cannot estimate reasonably possible loss for all legal and regulatory proceedings as to which we may be subject now or in the future, no conclusion as to our ultimate exposure from current pending or potential legal or regulatory proceedings should be drawn from the current estimate of reasonably possible loss. The following discussion provides information with respect to significant legal, governmental and regulatory matters. Invoicing Matter In 2015, we determined that we had incorrectly invoiced clients for certain expenses. We have reimbursed most of our affected customers for those expenses, and we have implemented enhancements to our billing processes. In connection with our enhancements to our billing processes, we continue to review historical billing practices and may from time to time identify additional remediation. In 2017, we identified an additional area of incorrect expense billing associated with mailing services in our retirement services business. We currently expect the cumulative total of our payments to customers for these invoicing errors, including the error in the retirement services business, to be at least $370 million, all of which has been paid or is accrued. However, we may identify additional remediation costs. In March 2017, a purported class action was commenced against us alleging that our invoicing practices violated duties owed to retirement plan customers under the Employee Retirement Income Security Act. In addition, we have received a purported class action demand letter alleging that our invoicing practices were unfair and deceptive under Massachusetts law. A class of customers, or particular customers, may assert that we have not paid to them all amounts incorrectly invoiced, and may seek double or treble damages under Massachusetts law. We are also cooperating with investigations by governmental and regulatory authorities on these matters, including the civil and criminal divisions of the DOJ and the DOL, which reviews could result in significant fines or other sanctions, civil and criminal, against us. In June 2019, we reached an agreement with the SEC to settle its claims that we violated the recordkeeping provisions of Section 34(b) of the Investment Company Act of 1940 and caused violations of Section 31(a) of the Investment Company Act and Rules 31a-1(a) and 31a-1(b) thereunder in connection with our overcharges of customers which are registered investment companies. In reaching this settlement, we neither admitted nor denied the claims contained in the SEC’s order, and agreed to pay a civil monetary penalty of $40 million. Also in June 2019, we reached an agreement with the Massachusetts Attorney General’s office to resolve its claims related to this matter. In reaching this settlement, we neither admitted nor denied the claims in the order, and agreed to pay a civil monetary penalty of $5.5 million. The costs associated with these settlements were within our related previously established accruals for loss contingencies. The SEC and Massachusetts Attorney General’s office settlements both recognize that the payment of $48.8 million in disgorgement and interest is satisfied by our direct reimbursements of our customers. In January 2020, the DOJ outlined a framework for a possible resolution of their review. We are discussing the terms of a potential settlement of this matter with the DOJ. Separately, we have inquired of the DOL as to the status of their review but have not entered into settlement discussions with the DOL. There can be no assurance that any settlement with the DOJ or DOL will be reached on financial or other terms acceptable to us or at all. The aggregate amount of penalties that may potentially be imposed upon us in connection with the resolution of all outstanding investigations into our historical billing practices is not currently known. We have established a legal accrual with respect to the pending governmental investigations and civil litigation with respect to this matter, however, our ultimate liability with respect to this matter might be significantly in excess of our current accrual. Government authorities have significant discretion in criminal and civil matters as to the fines and other penalties they may seek to impose. Any resolution of the DOJ and DOL claims may involve penalties that could be a significant percentage, or a multiple of, all or a portion of the overcharge. The severity of such fines or penalties could take into account factors such as the amount or duration of our incorrect invoicing and the government’s or regulators’ assessment of the conduct of our employees, as well as prior conduct such as that which resulted in our January 2017 deferred prosecution agreement and settlement of civil claims regarding our indirect FX business. The outcome of any of these proceedings and, in particular, any criminal sanction could materially adversely affect our results of operations and could have significant additional consequences for our business and reputation. Shareholder Litigation A shareholder of ours has filed a derivative complaint against the Company’s past and present officers and directors to recover alleged losses incurred by the Company relating to the invoicing matter and to the Ohio public retirement plans matter. Income Taxes In determining our provision for income taxes, we make certain judgments and interpretations with respect to tax laws in jurisdictions in which we have business operations. Because of the complex nature of these laws, in the normal course of our business, we are subject to challenges from U.S. and non-U.S. income tax authorities regarding the amount of income taxes due. These challenges may result in adjustments to the timing or amount of taxable income or deductions or the allocation of taxable income among tax jurisdictions. We recognize a tax benefit when it is more likely than not that our position will result in a tax deduction or credit. Unrecognized tax benefits of approximately $310 million as of March 31, 2021 increased from $308 million as of December 31, 2020. We are presently under audit by a number of tax authorities, and the Internal Revenue Service is currently reviewing our U.S. income tax returns, including amended returns, for tax years 2014-2018. The earliest tax year open to examination in jurisdictions where we have material operations is 2013. Management believes that we have sufficiently accrued liabilities as of March 31, 2021 for potential tax exposures. |
Variable Interest Entities
Variable Interest Entities | 3 Months Ended |
Mar. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities For additional information on our variable interest entities (VIEs), refer to pages 169 to 170 in Note 14 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, "Variable Interest Entities", in our 2020 Form 10-K. Tax-Exempt Investment Program In the normal course of our business, we structure and sell certificated interests in pools of tax-exempt investment grade assets, principally to our mutual fund clients. We structure these pools as partnership trusts, and the assets and liabilities of the trusts are recorded in our consolidated statement of condition as AFS investment securities and other short-term borrowings. As of March 31, 2021 and December 31, 2020, we carried AFS investment securities, composed of securities related to state and political subdivisions, with a fair value of $0.70 billion and $0.70 billion, respectively, and other short-term borrowings of $0.61 billion and $0.62 billion, respectively, in our consolidated statement of condition in connection with these trusts. The interest income and interest expense generated by the investments and certificated interests, respectively, are recorded as components of NII when earned or incurred. The trusts had a weighted-average life of approximately 2.4 years as of March 31, 2021, compared to approximately 2.7 years as of December 31, 2020. Interests in Investment Funds As of March 31, 2021, the aggregate assets and liabilities of our consolidated sponsored investment funds totaled $13 million and $0 million, respectively. As of December 31, 2020, the aggregate assets and liabilities of our consolidated sponsored investment funds totaled $17 million and $4 million, respectively. As of both March 31, 2021 and December 31, 2020, our maximum total exposure associated with the consolidated sponsored investment funds totaled $13 million, and represented the value of our economic ownership interest in the funds. As of March 31, 2021 and December 31, 2020, we managed certain funds, considered VIEs, in which we held a variable interest but for which we were not deemed to be the primary beneficiary. Our potential maximum loss exposure related to these unconsolidated funds totaled $22 million as of both March 31, 2021 and December 31, 2020, and represented the carrying value of our investments, which are recorded in other assets in our consolidated statement of condition. The amount of loss we may recognize during any period is limited to the carrying amount of our investments in the unconsolidated funds. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Preferred Stock The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of March 31, 2021: Preferred Stock (2) : Issuance Date Depositary Shares Issued Amount outstanding (in millions) Ownership Interest Per Depositary Share Liquidation Preference Per Share Liquidation Preference Per Depositary Share Per Annum Dividend Rate Dividend Payment Frequency Carrying Value as of March 31, 2021 Redemption Date (1) Series D February 2014 30,000,000 750 1/4,000th 100,000 25 5.90% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108% Quarterly $ 742 March 15, 2024 Series F (3) May 2015 250,000 250 1/100th 100,000 1,000 5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 3.78088% effective March 15, 2021 Quarterly 247 September 15, 2020 Series G April 2016 20,000,000 500 1/4,000th 100,000 25 5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709% Quarterly 493 March 15, 2026 Series H September 2018 500,000 500 1/100th 100,000 1,000 5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539% Semi-annually 494 December 15, 2023 (1) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. (2) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. (3) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date. We did not elect redemption on September 15, 2020 or December 15, 2020. On March 15, 2021, we redeemed an aggregate of $500 million, or 5,000 of the 7,500 outstanding shares of our non-cumulative perpetual preferred stock, Series F, for cash at a redemption price of $100,000 per share (equivalent to $1,000 per depositary share) plus all declared and unpaid dividends. The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated: Three Months Ended March 31, 2021 2020 (Dollars in millions, except per share amounts) Dividends Declared per Share Dividends Declared per Depositary Share Total Dividends Declared per Share Dividends Declared per Depositary Share Total Preferred Stock: Series C $ — $ — $ — $ 1,313 $ 0.33 $ 6 Series D 1,475 0.37 11 1,475 0.37 11 Series F 953 9.53 7 2,625 26.25 20 Series G 1,338 0.33 7 1,338 0.33 7 Series H — — — — — — Total $ 25 $ 44 In April 2021, we declared dividends on our series D, F, G and H preferred stock of approximately $1,475, $966, $1,338 and $2,813 respectively, per share, or approximately $0.37, $9.66, $0.33 and $28.13 respectively, per depositary share. These dividends total approximately $11 million, $2 million, $7 million and $14 million on our series D, F, G and H preferred stock, respectively, which will be paid in June 2021. Common Stock In June 2019, our Board approved a common stock purchase program authorizing the purchase of up to $2.0 billion of our common stock from July 1, 2019 through June 30, 2020 (the 2019 Program). We repurchased $500 million of our common stock in each of the third and fourth quarters of 2019 and the first quarter of 2020 under the 2019 Program. On March 16, 2020, we, along with the other U.S. G-SIBs, suspended common share repurchases and maintained this suspension through the fourth quarter of 2020 in response to the COVID-19 pandemic. This suspension was consistent with limitations imposed by the Federal Reserve beginning in the second quarter of 2020. As a result, we had no repurchases of our common stock in the second, third or fourth quarters of 2020. In December 2020, the Federal Reserve issued results of 2020 resubmission stress tests and authorized us to continue to pay common stock dividends at current levels and to resume repurchasing common shares in the first quarter of 2021. In January 2021, our Board authorized a share repurchase program for the purchase of up to $475 million of our common stock through March 31, 2021. In April 2021, our Board authorized a share repurchase program for the purchase of up to $425 million of our common stock through June 30, 2021, consistent with the limit set by the Federal Reserve. The tables below present the activity under our common stock purchase program for the periods indicated: Three Months Ended March 31, 2021 Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 6.2 $ 76.21 $ 475 Three Months Ended March 31, 2020 Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 6.5 $ 77.35 $ 500 The table below presents the dividends declared on common stock for the periods indicated: Three Months Ended March 31, 2021 2020 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 0.52 $ 182 $ 0.52 $ 183 Accumulated Other Comprehensive Income (Loss) The following table presents the after-tax components of AOCI for the periods indicated: Three Months Ended March 31, (In millions) 2021 2020 Net unrealized gains (losses) on cash flow hedges $ 57 $ 47 Net unrealized gains (losses) on available-for-sale securities portfolio 502 556 Net unrealized gains (losses) related to reclassified available-for-sale securities (46) 23 Net unrealized gains (losses) on available-for-sale securities 456 579 Net unrealized (losses) on available-for-sale securities designated in fair value hedges (21) (43) Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries (69) 154 Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (2) (2) Net unrealized (losses) on retirement plans (170) (175) Foreign currency translation (669) (1,480) Total $ (418) $ (920) The following table presents changes in AOCI by component, net of related taxes, for the periods indicated: (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries Other-Than-Temporary Impairment on Held-to-Maturity Securities Net Unrealized Losses on Retirement Plans Foreign Currency Translation Total Balance as of December 31, 2020 $ 57 $ 848 $ (204) $ (2) $ (178) $ (334) $ 187 Other comprehensive income (loss) before reclassifications (15) (413) 135 — — (335) (628) Amounts reclassified into earnings 15 — — — 8 — 23 Other comprehensive income (loss) — (413) 135 — 8 (335) (605) Balance as of March 31, 2021 $ 57 $ 435 $ (69) $ (2) $ (170) $ (669) $ (418) (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries Other-Than-Temporary Impairment on Held-to-Maturity Securities Net Unrealized Losses on Retirement Plans Foreign Currency Translation Total Balance as of December 31, 2019 $ (70) $ 409 $ 46 $ (2) $ (187) $ (1,072) $ (876) Other comprehensive income (loss) before reclassifications 112 126 108 — — (408) (62) Amounts reclassified into (out of) earnings 5 1 — — 12 — 18 Other comprehensive income (loss) 117 127 108 — 12 (408) (44) Balance as of March 31, 2020 $ 47 $ 536 $ 154 $ (2) $ (175) $ (1,480) $ (920) The following table presents after-tax reclassifications into earnings for the periods indicated: Three Months Ended March 31, 2021 2020 (In millions) Amounts Reclassified into Affected Line Item in Consolidated Statement of Income Available-for-sale securities: Net realized gains (losses) from sales of available-for-sale securities, net of related taxes of $0 and $1, respectively $ — $ 1 Net gains (losses) from sales of available-for-sale securities Cash flow hedges: Gain reclassified from accumulated other comprehensive income into Income, net of related taxes of $6 and $2 15 5 Net interest income reclassified from other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of $3 and $4, respectively 8 12 Compensation and employee benefits expenses Total reclassifications (into) out of Accumulated other comprehensive loss $ 23 $ 18 |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Regulatory Capital | Regulatory Capital For additional information on our regulatory capital, including the regulatory capital requirements administered by federal banking agencies, and to which we are subject, refer to page 174 in Note 16 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. As of March 31, 2021, we and State Street Bank exceeded all regulatory capital adequacy requirements to which we were subject to. As of March 31, 2021, State Street Bank was categorized as “well capitalized” under the applicable regulatory capital adequacy framework, and exceeded all “well capitalized” ratio guidelines to which it was subject. Management believes that no conditions or events have occurred since March 31, 2021 that have changed the capital categorization of State Street Bank. The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated. State Street Corporation State Street Bank (Dollars in millions) Basel III Advanced Approaches March 31, 2021 Basel III Standardized Approach March 31, 2021 Basel III Advanced Approaches December 31, 2020 Basel III Standardized Approach December 31, 2020 Basel III Advanced Approaches March 31, 2021 Basel III Standardized Approach March 31, 2021 Basel III Advanced Approaches December 31, 2020 Basel III Standardized Approach December 31, 2020 Common shareholders' equity: Common stock and related surplus $ 10,731 $ 10,731 $ 10,709 $ 10,709 $ 12,893 $ 12,893 $ 12,893 $ 12,893 Retained earnings 23,751 23,751 23,442 23,442 13,479 13,479 12,939 12,939 Accumulated other comprehensive income (loss) (418) (418) 187 187 (221) (221) 371 371 Treasury stock, at cost (11,035) (11,035) (10,609) (10,609) — — — — Total 23,029 23,029 23,729 23,729 26,151 26,151 26,203 26,203 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (9,149) (9,149) (9,019) (9,019) (8,880) (8,880) (8,745) (8,745) Other adjustments (1) (437) (437) (333) (333) (250) (250) (152) (152) Common equity tier 1 capital 13,443 13,443 14,377 14,377 17,021 17,021 17,306 17,306 Preferred stock 1,976 1,976 2,471 2,471 — — — — Tier 1 capital 15,419 15,419 16,848 16,848 17,021 17,021 17,306 17,306 Qualifying subordinated long-term debt 1,801 1,801 961 961 963 963 966 966 Allowance for credit losses — 135 1 148 — 135 10 148 Total capital $ 17,220 $ 17,355 $ 17,810 $ 17,957 $ 17,984 $ 18,119 $ 18,282 $ 18,420 Risk-weighted assets: Credit risk (2) $ 66,726 $ 122,074 $ 63,367 $ 114,892 $ 62,082 $ 119,020 $ 58,960 $ 110,797 Operational risk (3) 44,075 NA 44,150 NA 43,600 NA 43,663 NA Market risk 2,250 2,250 2,188 2,188 2,250 2,250 2,188 2,188 Total risk-weighted assets $ 113,051 $ 124,324 $ 109,705 $ 117,080 $ 107,932 $ 121,270 $ 104,811 $ 112,985 Adjusted quarterly average assets $ 285,480 $ 285,480 $ 263,490 $ 263,490 $ 282,319 $ 282,319 $ 260,489 $ 260,489 Capital Ratios: 2021 Minimum Requirements (4) 2020 Minimum Requirements (4) Common equity tier 1 capital 8.0 % 8.0 % 11.9 % 10.8 % 13.1 % 12.3 % 15.8 % 14.0 % 16.5 % 15.3 % Tier 1 capital 9.5 9.5 13.6 12.4 15.4 14.4 15.8 14.0 16.5 15.3 Total capital 11.5 11.5 15.2 14.0 16.2 15.3 16.7 14.9 17.4 16.3 Tier 1 leverage (5) 4.0 4.0 5.4 5.4 6.4 6.4 6.0 6.0 6.6 6.6 (1) Other adjustments within CET1 capital primarily include the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk based deductions. (2) Includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of OTC derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches. (3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs. (4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%. (5) State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of one of the eight U.S. G-SIBs. NA Not applicable |
Net Interest Income
Net Interest Income | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Net Interest Income | Net Interest Income The following table presents the components of interest income and interest expense, and related NII, for the periods indicated: Three Months Ended March 31, (In millions) 2021 2020 Interest income: Interest-bearing deposits with banks $ (9) $ 81 Investment securities: Investment securities available-for-sale 140 213 Investment securities held-to-maturity 180 271 Investment securities purchased under money market liquidity facility 4 8 Securities purchased under resale agreements 10 65 Loans 141 184 Other interest-earning assets 5 46 Total interest income 471 868 Interest expense: Interest-bearing deposits (69) 68 Short term borrowings under money market liquidity facility 4 6 Securities sold under repurchase agreements — 2 Other short-term borrowings — 10 Long-term debt 60 88 Other interest-bearing liabilities 9 30 Total interest expense 4 204 Net interest income $ 467 $ 664 |
Expenses
Expenses | 3 Months Ended |
Mar. 31, 2021 | |
Other Expenses [Abstract] | |
Expenses | Expenses The following table presents the components of other expenses for the periods indicated: Three Months Ended March 31, (In millions) 2021 2020 Professional services $ 80 $ 81 Regulatory fees and assessments 18 12 Sales advertising public relations 17 18 Securities processing 12 15 Insurance 3 5 Bank operations 2 9 Other 90 90 Total other expenses $ 222 $ 230 Acquisition Costs We recorded approximately $11 million of acquisition costs in the first quarter of 2021 compared to $11 million in the same period in 2020 related to our acquisition of CRD. Restructuring and Repositioning Charges The following table presents aggregate activity for repositioning charges for the periods indicated: (In millions) Employee Real Estate Asset and Other Write-offs Total Accrual Balance at December 31, 2019 $ 190 $ 7 $ 1 $ 198 Payments and Other Adjustments (33) (1) — (34) Accrual Balance at March 31, 2020 $ 157 $ 6 $ 1 $ 164 Accrual Balance at December 31, 2020 $ 190 $ 6 $ — $ 196 Accruals for Beacon (1) — — (1) Accruals for Repositioning Charges — 2 — 2 Payments and Other Adjustments (9) (2) — (11) Accrual Balance at March 31, 2021 $ 180 $ 6 $ — $ 186 |
Earnings Per Common Share
Earnings Per Common Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Earnings Per Common Share For additional information on our earnings per share calculation methodologies, refer to pages 181 to 182 in Note 23 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended March 31, (Dollars in millions, except per share amounts) 2021 2020 Net income $ 519 $ 634 Less: Preferred stock dividends (30) (53) Dividends and undistributed earnings allocated to participating securities (1) — (1) Net income available to common shareholders $ 489 $ 580 Average common shares outstanding (In thousands): Basic average common shares 350,743 353,746 Effect of dilutive securities: equity-based awards 4,947 4,247 Diluted average common shares 355,690 357,993 Anti-dilutive securities (2) 255 918 Earnings per common share: Basic $ 1.39 $ 1.64 Diluted (3) 1.37 1.62 (1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings. (2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 176 and 177 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. (3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line of Business Information
Line of Business Information | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Line of Business Information | Line of Business Information Our operations are organized into two lines of business: Investment Servicing and Investment Management, which are defined based on products and services provided. The results of operations for these lines of business are not necessarily comparable with those of other companies, including companies in the financial services industry. For information about our two lines of business, as well as revenues, expenses and capital allocation methodologies associated with them, refer to pages 182 to 183 in Note 24 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. The following is a summary of our line of business results for the periods indicated. The "Other" columns represent costs incurred that are not allocated to a specific line of business, certain employee costs, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies. Three Months Ended March 31, Investment Investment Other Total (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Servicing fees $ 1,371 $ 1,287 $ — $ — $ — $ — $ 1,371 $ 1,287 Management fees — — 493 464 — — 493 464 Foreign exchange trading services 333 434 13 10 — — 346 444 Securities finance 95 89 4 3 — — 99 92 Software and processing fees (1)(2) 172 137 2 (25) — — 174 112 Total fee revenue (1) 1,971 1,947 512 452 — — 2,483 2,399 Net interest income 473 663 (6) 1 — — 467 664 Total other income — 2 — — — — — 2 Total revenue (1) 2,444 2,612 506 453 — — 2,950 3,065 Provision for credit losses (9) 36 — — — — (9) 36 Total expenses (1) 1,879 1,859 397 385 56 11 2,332 2,255 Income before income tax expense $ 574 $ 717 $ 109 $ 68 $ (56) $ (11) $ 627 $ 774 Pre-tax margin 23 % 27 % 21 % 15 % 21 % 25 % (1) Investment Servicing includes results from our acquisition of CRD on October 1, 2018. (2) Investment Management includes other revenue items that are primarily driven by equity market movements. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contracts with Customers | Revenue from Contracts with Customers For additional information on our revenue from contracts with customers, including revenues associated with both our Investment Servicing and Investment Management lines of business, refer to pages 184 to 186 in Note 25 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. Revenue by category In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended March 31, 2021 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2021 Servicing fees $ 1,371 $ — $ 1,371 $ — $ — $ — $ 1,371 Management fees — — — 493 — 493 493 Foreign exchange trading services 95 238 333 13 — 13 346 Securities finance 60 35 95 — 4 4 99 Software and processing fees 108 64 172 — 2 2 174 Total fee revenue 1,634 337 1,971 506 6 512 2,483 Net interest income — 473 473 — (6) (6) 467 Total other income — — — — — — — Total revenue $ 1,634 $ 810 $ 2,444 $ 506 $ — $ 506 $ 2,950 Three Months Ended March 31, 2020 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2020 Servicing fees $ 1,287 $ — $ 1,287 $ — $ — $ — $ 1,287 Management fees — — — 464 — 464 464 Foreign exchange trading services 100 334 434 10 — 10 444 Securities finance 57 32 89 — 3 3 92 Software and processing fees 107 30 137 — (25) (25) 112 Total fee revenue 1,551 396 1,947 474 (22) 452 2,399 Net interest income — 663 663 — 1 1 664 Total other income — 2 2 — — — 2 Total revenue $ 1,551 $ 1,061 $ 2,612 $ 474 $ (21) $ 453 $ 3,065 Contract balances and contract costs A s of March 31, 2021 and December 31, 2020, net receivables of $4.24 billion and $2.68 billion, respectively, are included in accrued interest and fees receivable, representing amounts billed or currently billable related to revenue from contracts with customers. As performance obligations are satisfied, we have an unconditional right to payment and billing is generally performed monthly or quarterly; therefore, we do not have significant contract assets or liabilities. No adjustments are made to the promised amount of consideration for the effects of a significant financing component as the period between when we transfer a promised service to a customer and when the customer pays for that service is expected to be one year or less. |
Non-U.S. Activities
Non-U.S. Activities | 3 Months Ended |
Mar. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
Non-U.S. Activities | Non-U.S. Activities We define our non-U.S. activities as those revenue-producing business activities that arise from clients which are generally serviced or managed outside the U.S. Due to the integrated nature of our business, precise segregation of our U.S. and non-U.S. activities is not possible. Subjective estimates, assumptions and other judgments are applied to quantify the financial results and assets related to our non-U.S. activities, including our application of funds transfer pricing, our asset and liability management policies and our allocation of certain indirect corporate expenses. Management periodically reviews and updates its processes for quantifying the financial results and assets related to our non-U.S. activities. The following table presents our U.S. and non-U.S. financial results for the periods indicated: Three Months Ended March 31, 2021 2020 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 1,337 $ 1,613 $ 2,950 $ 1,357 $ 1,708 $ 3,065 Income before income tax expense 312 315 627 339 435 774 (1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix. Non-U.S. assets were $106.25 billion and $104.44 billion as of March 31, 2021 and 2020, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accounting and financial reporting policies of State Street Corporation conform to U.S. GAAP. State Street Corporation, the Parent Company, is a financial holding company headquartered in Boston, Massachusetts. Unless otherwise indicated or unless the context requires otherwise, all references in these notes to consolidated financial statements to “State Street,” “we,” “us,” “our” or similar references mean State Street Corporation and its subsidiaries on a consolidated basis, including our principal banking subsidiary, State Street Bank. |
Consolidation | The consolidated financial statements accompanying these condensed notes are unaudited. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair statement of the consolidated results of operations in these financial statements, have been made. Certain previously reported amounts presented in this Form 10-Q have been reclassified to conform to current-period presentation. Events occurring subsequent to the date of our consolidated statement of condition were evaluated for potential recognition or disclosure in our consolidated financial statements through the date we filed this Form 10-Q with the SEC. |
Use of Estimates | The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions in the application of certain of our significant accounting policies that may materially affect the reported amounts of assets, liabilities, equity, revenue and expenses. As a result of unanticipated events or circumstances, actual results could differ from those estimates. These accounting estimates reflect the best judgment of management, but actual results could differ. Our consolidated statement of condition as of December 31, 2020 included in the accompanying consolidated financial statements was derived from the audited financial statements as of that date, but does not include all notes required by U.S. GAAP for a complete set of consolidated financial statements. |
Recent Accounting Developments | Recent Accounting Developments We did not adopt any new accounting standards in the first quarter of 2021 that had a material impact to our financial statements. Additionally, we continue to evaluate accounting standards that were recently issued but not yet adopted as of March 31, 2021; none are expected to have a material impact to our financial statements. |
Fair Value Measurements | Fair Value Measurements We carry trading account assets and liabilities, AFS debt securities, certain equity securities and various types of derivative financial instruments, at fair value in our consolidated statement of condition on a recurring basis. Changes in the fair values of these financial assets and liabilities are recorded either as components of our consolidated statement of income or as components of AOCI within shareholders' equity in our consolidated statement of condition. We measure fair value for the above-described financial assets and liabilities in conformity with U.S. GAAP that governs the measurement of the fair value of financial instruments. Management believes that its valuation techniques and underlying assumptions used to measure fair value conform to the provisions of U.S. GAAP. We categorize the financial assets and liabilities that we carry at fair value based on a prescribed three-level valuation hierarchy. For information about our valuation techniques for financial assets and financial liabilities measured at fair value and the fair value hierarchy, refer to pages 135 to 142 in Note 2 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following tables present information with respect to our financial assets and liabilities carried at fair value in our consolidated statement of condition on a recurring basis as of the dates indicated: Fair Value Measurements on a Recurring Basis As of March 31, 2021 (In millions) Quoted Market Prices in Active Markets (Level 1) Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3) Impact of Netting (1) Total Net Carrying Value in Consolidated Statement of Condition Assets: Trading account assets: U.S. government securities $ 40 $ — $ — $ 40 Non-U.S. government securities — 222 — 222 Other — 524 — 524 Total trading account assets 40 746 — 786 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 8,937 — — 8,937 Mortgage-backed securities — 14,425 — 14,425 Total U.S. Treasury and federal agencies 8,937 14,425 — 23,362 Asset-backed securities: Student loans — 288 — 288 Credit cards — 91 — 91 Collateralized loan obligations — 3,669 106 3,775 Non-agency CMBS and RMBS (2) — 71 — 71 Total asset-backed securities — 4,119 106 4,225 Non-U.S. debt securities: Mortgage-backed securities — 2,032 — 2,032 Asset-backed securities — 2,297 — 2,297 Government securities — 9,910 — 9,910 Other (3) — 13,709 — 13,709 Total non-U.S. debt securities — 27,948 — 27,948 State and political subdivisions — 1,498 — 1,498 Other U.S. debt securities — 3,464 15 3,479 Total available-for-sale investment securities 8,937 51,454 121 60,512 Other assets: Derivative instruments: Foreign exchange contracts — 21,892 6 $ (13,728) 8,170 Interest rate contracts 1 — — (1) — Total derivative instruments 1 21,892 6 (13,729) 8,170 Other — 549 — — 549 Total assets carried at fair value $ 8,978 $ 74,641 $ 127 $ (13,729) $ 70,017 Liabilities: Accrued expenses and other liabilities: Derivative instruments: Foreign exchange contracts $ 9 $ 22,036 $ — $ (15,533) $ 6,512 Interest rate contracts — 35 — (1) 34 Other derivative contracts — 181 — — 181 Total derivative instruments 9 22,252 — (15,534) 6,727 Total liabilities carried at fair value $ 9 $ 22,252 $ — $ (15,534) $ 6,727 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $1.81 billion and $3.61 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. (3) As of March 31, 2021, the fair value of other non-U.S. debt securities included $10.13 billion of supranational and non-U.S. agency bonds, $1.90 billion of corporate bonds and $0.43 billion of covered bonds. Fair Value Measurements on a Recurring Basis As of December 31, 2020 (In millions) Quoted Market Pricing Methods Pricing Methods Impact of Netting (1) Total Net Assets: Trading account assets: U.S. government securities $ 40 $ — $ — $ 40 Non-U.S. government securities — 239 — 239 Other 17 519 — 536 Total trading account assets 57 758 — 815 Available-for-sale investment securities: U.S. Treasury and federal agencies: Direct obligations 6,575 — — 6,575 Mortgage-backed securities — 14,305 — 14,305 Total U.S. Treasury and federal agencies 6,575 14,305 — 20,880 Asset-backed securities: Student loans — 314 — 314 Credit cards — 90 — 90 Collateralized loan obligations — 2,952 14 2,966 Non-agency CMBS and RMBS (2) — 78 — 78 Total asset-backed securities — 3,434 14 3,448 Non-U.S. debt securities: Mortgage-backed securities — 1,996 — 1,996 Asset-backed securities — 2,291 — 2,291 Government securities — 12,539 — 12,539 Other (3) — 12,903 — 12,903 Total non-U.S. debt securities — 29,729 — 29,729 State and political subdivisions — 1,548 — 1,548 Other U.S. debt securities — 3,443 — 3,443 Total available-for-sale investment securities 6,575 52,459 14 59,048 Other assets: Derivative instruments: Foreign exchange contracts — 25,941 2 $ (20,140) 5,803 Interest rate contracts 1 — — — 1 Total derivative instruments 1 25,941 2 (20,140) 5,804 Other — 525 — — 525 Total assets carried at fair value $ 6,633 $ 79,683 $ 16 $ (20,140) $ 66,192 Liabilities: Accrued expenses and other liabilities: Trading account liabilities: Other $ 4 $ — $ — $ — $ 4 Derivative instruments: Foreign exchange contracts 1 25,925 1 (15,558) 10,369 Interest rate contracts — 42 — — 42 Other derivative contracts — 157 — — 157 Total derivative instruments 1 26,124 1 (15,558) 10,568 Total liabilities carried at fair value $ 5 $ 26,124 $ 1 $ (15,558) $ 10,572 (1) Represents counterparty netting against level 2 financial assets and liabilities where a legally enforceable master netting agreement exists between us and the counterparty. Netting also reflects asset and liability reductions of $5.87 billion and $1.29 billion, respectively, for cash collateral received from and provided to derivative counterparties. (2) Consists entirely of non-agency CMBS. (3) As of December 31, 2020, the fair value of other non-U.S. debt securities included $9.55 billion of supranational and non-U.S. agency bonds, $1.88 billion of corporate bonds and $0.47 billion of covered bonds. |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following tables present activity related to our level 3 financial assets during the three months ended March 31, 2021 and 2020, respectively. Transfers into and out of level 3 are reported as of the beginning of the period presented. During the three months ended March 31, 2021, transfers into level 3 were primarily related to a U.S. corporate bond, for which fair value was measured using information obtained from third party sources, including non-binding broker/dealer quotes. During the three months ended March 31, 2021, transfers out of level 3 were mainly related to collateralized loan obligations, for which fair value was measured using prices based on observable market information. During the three months ended March 31, 2020, there were no transfers into or out of level 3. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended March 31, 2021 Fair Value as of Total Realized and Purchases Sales Settlements Transfers into Level 3 Transfers out of Level 3 Fair Value as of March 31, 2021 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded in Revenue (1) Recorded in Other Comprehensive Income (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations $ 14 $ — $ — $ 106 $ — $ — $ — $ (14) $ 106 Total asset-backed securities 14 — — 106 — — — (14) 106 Other U.S. debt securities — — — — — 15 — 15 Total Available-for-sale investment securities 14 — — 106 — — 15 (14) 121 Other assets: Derivative instruments: Foreign exchange contracts 2 — — 4 — — — — 6 $ 1 Total derivative instruments 2 — — 4 — — — — 6 1 Total assets carried at fair value $ 16 $ — $ — $ 110 $ — $ — $ 15 $ (14) $ 127 $ 1 (1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. Fair Value Measurements Using Significant Unobservable Inputs Three Months Ended March 31, 2020 Fair Value Total Realized and Purchases Sales Settlements Transfers Transfers Fair Value as of March 31, 2020 (1) Change in Unrealized Gains (Losses) Related to Financial Instruments (In millions) Recorded (1) Recorded (1) Assets: Available-for-sale Investment securities: Asset-backed securities: Collateralized loan obligations 1,820 — (83) 178 (42) (32) — — 1,841 — Total asset-backed securities 1,820 — (83) 178 (42) (32) — — 1,841 — Non-U.S. debt securities: Asset-backed securities 887 — (65) — — (2) — — 820 — Other 45 — (1) — — — — — 44 — Total non-U.S. debt securities 932 — (66) — — (2) — — 864 — Total Available-for-sale investment securities 2,752 — (149) 178 (42) (34) — — 2,705 — Other assets: Derivative instruments: Foreign exchange contracts 4 11 — 3 — (1) — — 17 $ 12 Total derivative instruments 4 11 — 3 — (1) — — 17 12 Total assets carried at fair value $ 2,756 $ 11 $ (149) $ 181 $ (42) $ (35) $ — $ — $ 2,722 $ 12 ( 1) Total realized and unrealized gains (losses) on AFS investment securities are included within gains (losses) related to investment securities, net. Total realized and unrealized gains (losses) on derivative instruments are included within foreign exchange trading services. |
Fair Value Inputs, Quantitative Information | The following table presents quantitative information, as of the dates indicated, about the valuation techniques and significant unobservable inputs used in the valuation of our level 3 financial assets and liabilities measured at fair value on a recurring basis for which we use internally-developed pricing models. The significant unobservable inputs for our level 3 financial assets and liabilities whose fair value is measured using pricing information from non-binding broker/dealer quotes are not included in the table, as the specific inputs applied are not provided by the broker/dealer. Quantitative Information about Level 3 Fair Value Measurements Fair Value Range Weighted-Average (Dollars in millions) As of March 31, 2021 As of December 31, 2020 Valuation Technique Significant Unobservable Input (1) As of March 31, 2021 As of March 31, 2021 As of December 31, 2020 Significant unobservable inputs readily available to State Street: Assets: Derivative Instruments, foreign exchange contracts $ 6 $ 2 Option model Volatility 4.2% - 17.8% 7.3 % 7.9 % Total $ 6 $ 2 Liabilities: Derivative instruments, foreign exchange contracts $ — $ 1 Option model Volatility 4.7% - 7.4% 4.7 % 7.7 % Total $ — $ 1 (1) Significant changes in these unobservable inputs may result in significant changes in fair value measurement of the derivative instrument. |
Carrying Value and Estimated Fair Value of Financial Instruments by Fair Value Hierarchy | The following tables present the reported amounts and estimated fair values of the financial assets and liabilities not carried at fair value, as they would be categorized within the fair value hierarchy, as of the dates indicated: Fair Value Hierarchy (In millions) Reported Amount Estimated Fair Value Quoted Market Prices in Active Markets (Level 1) Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3) March 31, 2021 Financial Assets: Cash and due from banks $ 4,552 4,552 $ 4,552 $ — $ — Interest-bearing deposits with banks 107,554 107,554 — 107,554 — Securities purchased under resale agreements 5,238 5,238 — 5,238 — HTM securities purchased under the MMLF 201 201 — 201 — Investment securities held-to-maturity 46,261 46,953 5,566 41,337 50 Net loans (1) 31,467 31,512 — 29,340 2,171 Other (2) 6,757 6,757 — 6,757 — Financial Liabilities: Deposits: Non-interest-bearing $ 57,079 $ 57,079 $ — $ 57,079 $ — Interest-bearing - U.S. 108,372 108,372 — 108,372 — Interest-bearing - non-U.S. 79,442 79,442 — 79,442 — Securities sold under repurchase agreements 587 587 — 587 — Short-term borrowings under the MMLF 200 200 — 200 — Other short-term borrowings 642 642 — 642 — Long-term debt 13,836 13,904 — 13,801 103 Other (1) 6,757 6,757 — 6,757 — (1) Includes $7 million of loans classified as held-for-sale that were measured at fair value in level 2 as of March 31, 2021. (2) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. Fair Value Hierarchy (In millions) Reported Amount Estimated Fair Value Quoted Market Prices in Active Markets (Level 1) Pricing Methods with Significant Observable Market Inputs (Level 2) Pricing Methods with Significant Unobservable Market Inputs (Level 3) December 31, 2020 Financial Assets: Cash and due from banks $ 3,467 $ 3,467 $ 3,467 $ — $ — Interest-bearing deposits with banks 116,960 116,960 — 116,960 — Securities purchased under resale agreements 3,106 3,106 — 3,106 — HTM securities purchased under the MMLF 3,299 3,304 — 3,304 — Investment securities held-to-maturity 48,929 50,003 6,115 43,888 — Net loans 27,803 27,884 — 25,668 2,216 Other (1) 4,753 4,753 — 4,753 — Financial Liabilities: Deposits: Non-interest-bearing $ 49,439 $ 49,439 $ — $ 49,439 $ — Interest-bearing - U.S. 102,331 102,331 — 102,331 — Interest-bearing - non-U.S. 88,028 88,028 — 88,028 — Securities sold under repurchase agreements 3,413 3,413 — 3,413 — Short-term borrowings under the MMLF 3,302 3,302 — 3,302 — Other short-term borrowings 685 685 — 685 — Long-term debt 13,805 14,162 — 14,049 113 Other (1) 4,753 4,753 — 4,753 — (1) Represents a portion of underlying client assets related to our enhanced custody business, which clients have allowed us to transfer and re-pledge. |
Investment Securities (Tables)
Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table presents the amortized cost, fair value and associated unrealized gains and losses of AFS and HTM investment securities as of the dates indicated: March 31, 2021 December 31, 2020 Amortized Cost Gross Unrealized Fair Value Amortized Cost Gross Unrealized Fair Value (In millions) Gains Losses Gains Losses Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 8,948 $ 28 $ 39 $ 8,937 $ 6,453 $ 123 $ 1 $ 6,575 Mortgage-backed securities 14,181 326 82 14,425 13,891 421 7 14,305 Total U.S. Treasury and federal agencies 23,129 354 121 23,362 20,344 544 8 20,880 Asset-backed securities: Student loans (1) 283 5 — 288 313 2 1 314 Credit cards 90 1 — 91 90 — — 90 Collateralized loan obligations 3,770 6 1 3,775 2,969 3 6 2,966 Non-agency CMBS and RMBS (2) 70 1 — 71 76 2 — 78 Total asset-backed securities 4,213 13 1 4,225 3,448 7 7 3,448 Non-U.S. debt securities: Mortgage-backed securities 2,021 11 — 2,032 1,994 4 2 1,996 Asset-backed securities 2,296 2 1 2,297 2,294 1 4 2,291 Government securities 9,773 138 1 9,910 12,337 202 — 12,539 Other (3) 13,679 111 81 13,709 12,729 177 3 12,903 Total non-U.S. debt securities 27,769 262 83 27,948 29,354 384 9 29,729 State and political subdivisions (4) 1,431 69 2 1,498 1,470 80 2 1,548 Other U.S. debt securities 3,437 51 9 3,479 3,371 72 — 3,443 Total available-for-sale securities (5) $ 59,979 $ 749 $ 216 $ 60,512 $ 57,987 $ 1,087 $ 26 $ 59,048 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 5,530 $ 61 $ — $ 5,591 $ 6,057 $ 83 $ — $ 6,140 Mortgage-backed securities 34,930 629 322 35,237 36,901 955 67 37,789 Total U.S. Treasury and federal agencies 40,460 690 322 40,828 42,958 1,038 67 43,929 Asset-backed securities: Student loans (1) 4,745 43 20 4,768 4,774 33 25 4,782 Non-agency CMBS and RMBS (6) 526 32 1 557 554 30 1 583 Total asset-backed securities 5,271 75 21 5,325 5,328 63 26 5,365 Non-U.S. debt securities: Mortgage-backed securities 286 70 3 353 303 68 4 367 Government securities 246 — — 246 342 — — 342 Total non-U.S. debt securities 532 70 3 599 645 68 4 709 Total (5)(7) 46,263 835 346 46,752 48,931 1,169 97 50,003 HTM securities purchased under the MMLF program 201 — — 201 3,300 4 — 3,304 Total held-to-maturity securities (5) $ 46,464 $ 835 $ 346 $ 46,953 $ 52,231 $ 1,173 $ 97 $ 53,307 (1) Primarily comprised of securities guaranteed by the federal government with respect to at least 97% of defaulted principal and accrued interest on the underlying loans. (2) Consists entirely of non-agency CMBS as of both March 31, 2021 and December 31, 2020. (3) As of March 31, 2021 and December 31, 2020, the fair value of other non-U.S. debt securities included $10.13 billion and $9.55 billion, respectively, primarily of supranational and non-U.S. agency bonds, $1.90 billion and $1.88 billion, respectively, of corporate bonds and $0.43 billion and $0.47 billion, respectively, of covered bonds. (4) As of both March 31, 2021 and December 31, 2020, the fair value of state and political subdivisions includes securities in trusts of $0.70 billion. Additional information about these trusts is provided in Note 11. (5) An immaterial amount of accrued interest related to HTM and AFS investment securities was excluded from the amortized cost basis for the period ended March 31, 2021. (6) As of March 31, 2021 and December 31, 2020, the total amortized cost included $446 million and $464 million, respectively, of non-agency CMBS and $80 million and $90 million of non-agency RMBS, respectively. (7) As of March 31, 2021, we recognized an allowance for credit losses of $2 million on HTM investment securities. |
Schedule of Gross Pre-tax Unrealized Losses on Investment Securities | The following tables present the aggregate fair values of AFS investment securities that have been in a continuous unrealized loss position for less than 12 months, and those that have been in a continuous unrealized loss position for 12 months or longer, as of the dates indicated: As of March 31, 2021 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 5,438 $ 39 $ — $ — $ 5,438 $ 39 Mortgage-backed securities 3,753 82 11 — 3,764 82 Total U.S. Treasury and federal agencies 9,191 121 11 — 9,202 121 Asset-backed securities: Collateralized loan obligations 985 — 234 1 1,219 1 Total asset-backed securities 985 — 234 1 1,219 1 Non-U.S. debt securities: Asset-backed securities 231 — 895 1 1,126 1 Government securities 1,570 1 — — 1,570 1 Other 4,618 81 71 — 4,689 81 Total non-U.S. debt securities 6,419 82 966 1 7,385 83 State and political subdivisions 60 — 46 2 106 2 Other U.S. debt securities 922 9 — — 922 9 Total $ 17,577 $ 212 $ 1,257 $ 4 $ 18,834 $ 216 As of December 31, 2020 Less than 12 months 12 months or longer Total (In millions) Fair Gross Fair Gross Fair Gross Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 1,636 $ 1 $ — $ — $ 1,636 $ 1 Mortgage-backed securities 1,394 7 63 — 1,457 7 Total U.S. Treasury and federal agencies 3,030 8 63 — 3,093 8 Asset-backed securities: Student loans 31 — 197 1 228 1 Collateralized loan obligations 1,498 4 369 2 1,867 6 Total asset-backed securities 1,529 4 566 3 2,095 7 Non-U.S. debt securities: Mortgage-backed securities 600 1 120 1 720 2 Asset-backed securities 1,015 3 446 1 1,461 4 Government securities 489 — — — 489 — Other 715 3 80 — 795 3 Total non-U.S. debt securities 2,819 7 646 2 3,465 9 State and political subdivisions 95 — 76 2 171 2 Other U.S. debt securities 17 — — — 17 — Total $ 7,490 $ 19 $ 1,351 $ 7 $ 8,841 $ 26 |
Investments Classified by Contractual Maturity Date | The following table presents the amortized cost and the fair value of contractual maturities of debt investment securities as of March 31, 2021. The maturities of certain ABS, MBS and collateralized mortgage obligations are based on expected principal payments. Actual maturities may differ from these expected maturities since certain borrowers have the right to prepay obligations with or without prepayment penalties. As of March 31, 2021 (In millions) Under 1 Year 1 to 5 Years 6 to 10 Years Over 10 Years Total Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Amortized Cost Fair Value Available-for-sale: U.S. Treasury and federal agencies: Direct obligations $ 3,211 $ 3,219 $ 3,524 $ 3,513 $ 2,213 $ 2,205 $ — $ — $ 8,948 $ 8,937 Mortgage-backed securities 109 114 795 808 3,808 3,830 9,469 9,673 14,181 14,425 Total U.S. Treasury and federal agencies 3,320 3,333 4,319 4,321 6,021 6,035 9,469 9,673 23,129 23,362 Asset-backed securities: Student loans 123 127 54 53 — — 106 108 283 288 Credit cards — — — — 90 91 — — 90 91 Collateralized loan obligations 71 71 961 963 1,398 1,399 1,340 1,342 3,770 3,775 Non-agency CMBS and RMBS — — — — — — 70 71 70 71 Total asset-backed securities 194 198 1,015 1,016 1,488 1,490 1,516 1,521 4,213 4,225 Non-U.S. debt securities: Mortgage-backed securities 276 277 576 578 49 50 1,120 1,127 2,021 2,032 Asset-backed securities 299 299 1,101 1,101 525 526 371 371 2,296 2,297 Government securities 2,526 2,527 6,736 6,866 453 458 58 59 9,773 9,910 Other 1,823 1,830 9,370 9,407 2,375 2,367 111 105 13,679 13,709 Total non-U.S. debt securities 4,924 4,933 17,783 17,952 3,402 3,401 1,660 1,662 27,769 27,948 State and political subdivisions 144 144 609 631 506 544 172 179 1,431 1,498 Other U.S. debt securities 590 594 2,786 2,820 61 65 — — 3,437 3,479 Total $ 9,172 $ 9,202 $ 26,512 $ 26,740 $ 11,478 $ 11,535 $ 12,817 $ 13,035 $ 59,979 $ 60,512 Held-to-maturity: U.S. Treasury and federal agencies: Direct obligations $ 4,405 $ 4,444 $ 1,104 $ 1,126 $ 1 $ 1 $ 20 $ 20 $ 5,530 $ 5,591 Mortgage-backed securities 220 228 350 357 5,104 5,031 29,256 29,621 34,930 35,237 Total U.S. Treasury and federal agencies 4,625 4,672 1,454 1,483 5,105 5,032 29,276 29,641 40,460 40,828 Asset-backed securities: Student loans 364 357 125 123 901 908 3,355 3,380 4,745 4,768 Non-agency CMBS and RMBS 135 147 253 255 2 2 136 153 526 557 Total asset-backed securities 499 504 378 378 903 910 3,491 3,533 5,271 5,325 Non-U.S. debt securities: Mortgage-backed securities 84 81 22 22 — — 180 250 286 353 Government securities 246 246 — — — — — — 246 246 Total non-U.S. debt securities 330 327 22 22 — — 180 250 532 599 Total 5,454 5,503 1,854 1,883 6,008 5,942 32,947 33,424 46,263 46,752 Held-to-maturity under money market mutual fund liquidity facility 201 201 — — — — — — 201 201 Total held-to-maturity securities $ 5,655 $ 5,704 $ 1,854 $ 1,883 $ 6,008 $ 5,942 $ 32,947 $ 33,424 $ 46,464 $ 46,953 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Receivables [Abstract] | |
Net Loans | The following table presents our recorded investment in loans, by segment, as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Domestic (1) : Commercial and financial: Fund Finance (2) $ 11,054 11,531 Leveraged loans 3,103 2,923 Overdrafts 4,507 1,894 Other (3) 1,963 2,688 Commercial real estate 2,096 2,096 Total domestic 22,723 21,132 Foreign (1) : Commercial and financial: Fund Finance (2) 4,768 4,432 Leveraged loans 1,109 1,242 Overdrafts 2,956 1,088 Other (3) 29 31 Total foreign 8,862 6,793 Total loans (2) 31,585 27,925 Allowance for credit losses (118) (122) Loans, net of allowance $ 31,467 $ 27,803 (1) Domestic and foreign categorization is based on the borrower’s country of domicile. (2) Fund finance loans include primarily $6,288 million loans to real money funds, $8,450 million private equity capital call finance loans and $832 million loans to business development companies as of March 31, 2021, compared to $6,391 million loans to real money funds, $8,380 million private equity capital call finance loans and $821 million loans to business development companies as of December 31, 2020. (3) Includes $1,110 million securities finance loans, $831 million loans to municipalities and $51 million other loans as of March 31, 2021 and $1,911 million securities finance loans, $754 million loans to municipalities and $54 million other loans as of December 31, 2020. |
Recorded Investment in Each Class of Total Loans and Leases by Credit Quality Indicator | The following tables present our recorded loans to counterparties by risk rating, as noted above, as of the dates indicated: March 31, 2021 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 24,147 $ 1,675 $ 25,822 Speculative 5,088 421 5,509 Special mention 111 — 111 Substandard 127 — 127 Doubtful 16 — 16 Total (1) $ 29,489 $ 2,096 $ 31,585 December 31, 2020 Commercial and Financial Commercial Real Estate Total Loans (In millions) Investment grade $ 20,859 $ 1,724 $ 22,583 Speculative 4,852 372 5,224 Special mention 67 — 67 Substandard 34 — 34 Doubtful 17 — 17 Total (1) $ 25,829 $ 2,096 $ 27,925 (1) Loans Include $7,463 million and $2,982 million of overdrafts as of March 31, 2021 and December 31, 2020 respectively. Overdrafts are short-term in nature and do not present a significant credit risk to us. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of March 31, 2021. For origination years before the fifth annual period, we present the aggregate amortized cost basis of loans. For purchased loans, the date of issuance is used to determine the year of origination, not the date of acquisition. For modified, extended or renewed lending arrangements, we evaluate whether a credit event has occurred which would consider the loan to be a new arrangement. (In millions) 2021 2020 2019 2018 2017 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 4,563 $ 58 $ 385 $ 4 $ 162 $ 200 $ 11,767 $ 17,139 Speculative 346 438 822 721 556 42 349 3,274 Special mention — — 48 29 34 — — 111 Substandard — — 48 26 — 29 — 103 Total commercial and financing $ 4,909 $ 496 $ 1,303 $ 780 $ 752 $ 271 $ 12,116 $ 20,627 Commercial real estate: Risk Rating: Investment grade $ — $ 129 $ 383 $ 689 $ 277 $ 197 $ — $ 1,675 Speculative 120 49 166 57 — 29 — $ 421 Total commercial real estate $ 120 $ 178 $ 549 $ 746 $ 277 $ 226 $ — $ 2,096 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 2,275 $ — $ — $ — $ — $ — $ 4,733 $ 7,008 Speculative 730 176 348 256 177 63 64 1,814 Substandard — — — 24 — — — 24 Doubtful — — — — 16 — — 16 Total commercial and financing $ 3,005 $ 176 $ 348 $ 280 $ 193 $ 63 $ 4,797 $ 8,862 Total loans $ 8,034 $ 850 $ 2,200 $ 1,806 $ 1,222 $ 560 $ 16,913 $ 31,585 (1) Any reserve associated with accrued interest is not material. As of March 31, 2021, accrued interest receivable of $105 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. The following table presents the amortized cost basis, by year of origination and credit quality indicator as of December 31, 2020: (In millions) 2020 2019 2018 2017 2016 Prior Revolving Loans Total (1) Domestic loans: Commercial and financial: Risk Rating: Investment grade $ 1,894 $ 388 $ 4 $ 167 $ 200 $ — $ 12,836 $ 15,489 Speculative 432 942 822 610 43 — 597 3,446 Special mention — 28 — 39 — — — 67 Substandard — 5 — — 29 — — 34 Total commercial and financing $ 2,326 $ 1,363 $ 826 $ 816 $ 272 $ — $ 13,433 $ 19,036 Commercial real estate: Risk Rating: Investment grade $ 178 $ 383 $ 688 $ 277 $ 197 $ — $ — $ 1,723 Speculative 120 166 58 — — 29 — $ 373 Total commercial real estate $ 298 $ 549 $ 746 $ 277 $ 197 $ 29 $ — $ 2,096 Non-U.S. loans: Commercial and financial: Risk Rating: Investment grade $ 1,028 $ — $ — $ — $ — $ — $ 4,343 $ 5,371 Speculative 283 401 346 162 26 66 121 1,405 Doubtful — — — 17 — — — 17 Total commercial and financing $ 1,311 $ 401 $ 346 $ 179 $ 26 $ 66 $ 4,464 $ 6,793 Total loans $ 3,935 $ 2,313 $ 1,918 $ 1,272 $ 495 $ 95 $ 17,897 $ 27,925 (1) Any reserve associated with accrued interest is not material. As of December 31, 2020, accrued interest receivable of $72 million included in the amortized cost basis of loans has been excluded from the amortized cost basis within this table. |
Schedule of Activity in the Allowance for Loan Losses | The following table presents the activity in the allowance for credit losses by portfolio and class for the periods indicated: Three Months Ended March 31, 2021 Commercial and Financial (In millions) Leveraged Loans Other Loans (1) Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 97 $ 17 $ 8 $ 3 $ 22 $ 1 $ 148 Charge-offs — — — — — — — Provision (1) (5) 6 (1) (7) (1) (9) Currency translation (4) — — — — — (4) Ending balance $ 92 $ 12 $ 14 $ 2 $ 15 $ — $ 135 (1) Includes $10 million allowance for credit losses on Fund Finance loans and $2 million on other loans. . Three Months Ended March 31, 2020 Commercial and Financial (In millions) Leveraged Loans Other Loans Commercial Real Estate Held-to-Maturity Securities Off-Balance Sheet Commitments All Other Total Allowance for credit losses: Beginning balance $ 61 $ 10 $ 2 $ — $ 19 $ 1 $ 93 Charge-offs (5) — — — — — (5) Provision 27 — 2 4 3 — 36 Ending balance $ 83 $ 10 $ 4 $ 4 $ 22 $ 1 $ 124 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes In The Carrying Amount Of Goodwill | The following table presents changes in the carrying amount of goodwill during the periods indicated: (In millions) Investment Servicing (1) Investment Total Goodwill: Ending balance December 31, 2019 $ 7,289 $ 267 $ 7,556 Foreign currency translation 124 3 127 Ending balance December 31, 2020 7,413 270 7,683 Acquisitions (2) 3 — 3 Foreign currency translation (56) (1) (57) Ending balance March 31, 2021 $ 7,360 $ 269 $ 7,629 (1) Investment Servicing includes our acquisition of CRD. |
Schedule of Finite-Lived Intangible Assets | The following table presents changes in the net carrying amount of other intangible assets during the periods indicated: (In millions) Investment Servicing (1) Investment Total Other intangible assets: Ending balance December 31, 2019 $ 1,908 $ 122 $ 2,030 Amortization (206) (28) (234) Foreign currency translation 31 — 31 Ending balance December 31, 2020 1,733 94 1,827 Acquisitions (2) 253 — 253 Amortization (52) (6) (58) Foreign currency translation (15) — (15) Ending balance March 31, 2021 $ 1,919 $ 88 $ 2,007 (1) Investment Servicing includes our acquisition of CRD. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table presents the gross carrying amount, accumulated amortization and net carrying amount of other intangible assets by type as of the dates indicated: March 31, 2021 Gross Accumulated Net (In millions) Other intangible assets: Client relationships $ 2,827 $ (1,387) $ 1,440 Technology 386 (115) 271 Core deposits 699 (429) 270 Other 104 (78) 26 Total $ 4,016 $ (2,009) $ 2,007 December 31, 2020 Gross Carrying Amount Accumulated Amortization Net Carrying Amount (In millions) Other intangible assets: Client relationships $ 2,704 $ (1,450) $ 1,254 Technology 393 (113) 280 Core deposits 690 (425) 265 Other 107 (79) 28 Total $ 3,894 $ (2,067) $ 1,827 |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Assets [Abstract] | |
Components of Other Assets | The following table presents the components of other assets as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Securities borrowed (1) $ 24,773 $ 18,330 Derivative instruments, net 8,170 5,804 Bank-owned life insurance 3,502 3,479 Investments in joint ventures and other unconsolidated entities 3,027 3,095 Collateral, net 1,639 2,713 Receivable for securities settlement 1,110 117 Right-of-use assets 632 720 Accounts receivable 468 379 Prepaid expenses 461 383 Income tax receivable 300 367 Deferred tax assets, net of valuation allowance (2) 221 233 Deposits with clearing organizations 58 58 Other 872 832 Total $ 45,233 $ 36,510 (1) Refer to Note 8, for further information on the impact of collateral on our financial statement presentation of securities borrowing and securities lending transactions. (2) Deferred tax assets and liabilities recorded in our consolidated statement of condition are netted within the same tax jurisdiction. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | The following table presents the aggregate contractual, or notional, amounts of derivative financial instruments, including those entered into for trading and asset-and-liability management activities as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments: Interest rate contracts: Futures $ 3,238 $ 2,842 Foreign exchange contracts: Forward, swap and spot 2,735,180 2,640,989 Options purchased 1,333 946 Options written 380 661 Futures 2,639 1,980 Other: Stable value contracts (1) 32,654 32,359 Deferred value awards (2) 443 332 Derivatives designated as hedging instruments: Interest rate contracts: Swap agreements 7,459 7,449 Foreign exchange contracts: Forward and swap 6,055 5,221 (1) The notional value of the stable value contracts represents our maximum exposure. However, exposure to various stable value contracts is generally contractually limited to substantially lower amounts than the notional values. (2) Represents grants of deferred value awards to employees; refer to pages 158 to 159 in Note 10 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. |
Schedule of Derivative Assets at Fair Value | The following tables present the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8. Derivative Assets (1) Derivative Liabilities (2) (In millions) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 21,776 $ 25,939 $ 22,044 $ 25,811 Other derivative contracts — — 181 157 Total $ 21,776 $ 25,939 $ 22,225 $ 25,968 Derivatives designated as hedging instruments: Foreign exchange contracts $ 122 $ 4 $ 1 $ 116 Interest rate contracts 1 1 35 42 Total $ 123 $ 5 $ 36 $ 158 (1) Derivative assets are included within other assets in our consolidated statement of condition. (2) Derivative liabilities are included within other liabilities in our consolidated statement of condition. |
Schedule of Derivative Liabilities at Fair Value | The following tables present the fair value of derivative financial instruments, excluding the impact of master netting agreements, recorded in our consolidated statement of condition as of the dates indicated. The impact of master netting agreements is provided in Note 8. Derivative Assets (1) Derivative Liabilities (2) (In millions) March 31, 2021 December 31, 2020 March 31, 2021 December 31, 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts $ 21,776 $ 25,939 $ 22,044 $ 25,811 Other derivative contracts — — 181 157 Total $ 21,776 $ 25,939 $ 22,225 $ 25,968 Derivatives designated as hedging instruments: Foreign exchange contracts $ 122 $ 4 $ 1 $ 116 Interest rate contracts 1 1 35 42 Total $ 123 $ 5 $ 36 $ 158 (1) Derivative assets are included within other assets in our consolidated statement of condition. (2) Derivative liabilities are included within other liabilities in our consolidated statement of condition. |
Schedule of Derivatives | The following table shows the carrying amount and associated cumulative basis adjustments related to the application of hedge accounting that is included in the carrying amount of hedged assets and liabilities in fair value hedging relationships: March 31, 2021 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 9,771 $ — $ 636 Available-for-sale securities 2,814 (8) 37 December 31, 2020 Cumulative Fair Value Hedging Adjustment Increasing (Decreasing) the carrying amount (In millions) Carrying Amount of Hedged Assets/Liabilities Active De-designated (1) Long-term debt $ 10,519 $ 3 $ 688 Available-for-sale securities 2,330 2 43 (1) Represents hedged items no longer designated in qualifying fair value hedging relationships for which an associated basis adjustment exists at the balance sheet date. |
Impact of Derivative Financial Instruments On Statement of Income | The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Location of Gain (Loss) on Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income Three Months Ended March 31, (In millions) 2021 2020 Derivatives not designated as hedging instruments: Foreign exchange contracts Foreign exchange trading services revenue $ 242 $ 333 Foreign exchange contracts Interest expense 21 2 Interest rate contracts Foreign exchange trading services revenue — 3 Other derivative contracts Compensation and employee benefits (79) (67) Total $ 184 $ 271 The following tables present the impact of our use of derivative financial instruments on our consolidated statement of income for the periods indicated: Three Months Ended March 31, Three Months Ended March 31, 2021 2020 2021 2020 (In millions) Location of Gain (Loss) on Derivative in Consolidated Statement of Income Amount of Gain Hedged Item in Fair Value Hedging Relationship Location of Gain (Loss) on Hedged Item in Consolidated Statement of Income Amount of Gain Derivatives designated as fair value hedges: Interest rate contracts Net interest income $ 16 $ (11) Available-for-sale securities (1) Net interest income $ (16) $ 10 Interest rate contracts Net interest income (12) 547 Long-term debt Net interest income 11 (535) Total $ 4 $ 536 $ (5) $ (525) (1) In the first quarter of 2021, approximately $12 million of net unrealized gains on AFS investment securities designated in fair value hedges was recognized in OCI compared to $7 million of net unrealized losses in the same period in 2020. Three Months Ended March 31, Three Months Ended March 31, 2021 2020 Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income 2021 2020 (In millions) Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income Derivatives designated as cash flow hedges: Interest rate contracts (1) $ (16) $ 158 Net interest income $ 18 $ — Foreign exchange contracts 36 10 Net interest income 3 7 Total derivatives designated as cash flow hedges $ 20 $ 168 $ 21 $ 7 Derivatives designated as net investment hedges: Foreign exchange contracts $ 135 $ 108 Gains (Losses) related to investment securities, net $ — $ — Total derivatives designated as net investment hedges 135 108 — — Total $ 155 $ 276 $ 21 $ 7 (1) As of March 31, 2021, the maximum maturity date of the underlying hedged items is approximately 3.4 years. |
Offsetting Arrangements (Tables
Offsetting Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Offsetting [Abstract] | |
Offsetting Assets | The following tables present information about the offsetting of assets related to derivative contracts and secured financing transactions, as of the dates indicated: Assets: March 31, 2021 Gross Amounts of Recognized Assets (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 21,898 $ (11,923) $ 9,975 $ — $ 9,975 Interest rate contracts (6) 1 (1) — — — Cash collateral and securities netting NA (1,805) (1,805) (1,174) (2,979) Total derivatives 21,899 (13,729) 8,170 (1,174) 6,996 Other financial instruments: Resale agreements and securities borrowing (7)(8) 144,230 (114,219) 30,011 (29,672) 339 Total derivatives and other financial instruments $ 166,129 $ (127,948) $ 38,181 $ (30,846) $ 7,335 Assets: December 31, 2020 Gross Amounts of Recognized Assets (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Assets Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 25,943 $ (14,271) $ 11,672 $ — $ 11,672 Interest rate contracts (6) 1 — 1 — 1 Cash collateral and securities netting NA (5,869) (5,869) (1,105) (6,974) Total derivatives 25,944 (20,140) 5,804 (1,105) 4,699 Other financial instruments: Resale agreements and securities borrowing (7)(8) 174,461 (153,025) 21,436 (20,568) 868 Total derivatives and other financial instruments $ 200,405 $ (173,165) $ 27,240 $ (21,673) $ 5,567 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Includes securities in connection with our securities borrowing transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $30.01 billion as of March 31, 2021 were $5.24 billion of resale agreements and $24.77 billion of collateral provided related to securities borrowing. Included in the $21.44 billion as of December 31, 2020 were $3.11 billion of resale agreements and $18.33 billion of collateral provided related to securities borrowing. Resale agreements and collateral provided related to securities borrowing were recorded in securities purchased under resale agreements and other assets, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of resale agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable |
Offsetting Liabilities | The following tables present information about the offsetting of liabilities related to derivative contracts and secured financing transactions, as of the dates indicated: Liabilities: March 31, 2021 Gross Amounts of Recognized Liabilities (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 22,045 $ (11,923) $ 10,122 $ — $ 10,122 Interest rate contracts (6) 35 (1) 34 — 34 Other derivative contracts 181 — 181 — 181 Cash collateral and securities netting NA (3,610) (3,610) (1,652) (5,262) Total derivatives 22,261 (15,534) 6,727 (1,652) 5,075 Other financial instruments: Repurchase agreements and securities lending (7)(8) 128,605 (114,220) 14,385 (13,815) 570 Total derivatives and other financial instruments $ 150,866 $ (129,754) $ 21,112 $ (15,467) $ 5,645 Liabilities: December 31, 2020 Gross Amounts of Recognized Liabilities (1)(2) Gross Amounts Offset in Statement of Condition (3) Net Amounts of Liabilities Presented in Statement of Condition Gross Amounts Not Offset in Statement of Condition (In millions) Cash and Securities Received (4) Net Amount (5) Derivatives: Foreign exchange contracts $ 25,927 $ (14,271) $ 11,656 $ — $ 11,656 Interest rate contracts (6) 42 — 42 — 42 Other derivative contracts 157 — 157 — 157 Cash collateral and securities netting NA (1,287) (1,287) (1,732) (3,019) Total derivatives 26,126 (15,558) 10,568 (1,732) 8,836 Other financial instruments: Repurchase agreements and securities lending (7)(8) 165,793 (153,025) 12,768 (12,448) 320 Total derivatives and other financial instruments $ 191,919 $ (168,583) $ 23,336 $ (14,180) $ 9,156 (1) Amounts include all transactions regardless of whether or not they are subject to an enforceable netting arrangement. (2) Refer to Note 1 and Note 2 for additional information about the measurement basis of derivative instruments. (3) Amounts subject to netting arrangements which have been determined to be legally enforceable and eligible for netting in the consolidated statement of condition. (4) Includes securities provided in connection with our securities lending transactions. (5) Includes amounts secured by collateral not determined to be subject to enforceable netting arrangements. (6) Variation margin payments presented as settlements rather than collateral. (7) Included in the $14.39 billion as of March 31, 2021 were $0.59 billion of repurchase agreements and $13.80 billion of collateral received related to securities lending transactions. Included in the $12.77 billion as of December 31, 2020 were $3.41 billion of repurchase agreements and $9.36 billion of collateral received related to securities lending transactions. Repurchase agreements and collateral received related to securities lending were recorded in securities sold under repurchase agreements and accrued expenses and other liabilities, respectively, in our consolidated statement of condition. Refer to Note 9 for additional information with respect to principal securities finance transactions. (8) Offsetting of repurchase agreements primarily relates to our involvement in FICC, where we settle transactions on a net basis for payment and delivery through the Fedwire system. NA Not applicable |
Securities Sold and Securities Loaned Under Repurchase Agreements | The following table summarizes our repurchase agreements and securities lending transactions by category of collateral pledged and remaining maturity of these agreements as of the periods indicated: As of March 31, 2021 As of December 31, 2020 (In millions) Overnight and Continuous Up to 30 Days Greater than 90 Days Total Overnight and Continuous Up to 30 Days Greater than 90 Days Total Repurchase agreements: U.S. Treasury and agency securities $ 110,960 $ — $ — $ 110,960 $ 152,140 $ — $ — $ 152,140 Total 110,960 — — 110,960 152,140 — — 152,140 Securities lending transactions: US Treasury and agency securities 2 — — 2 — — — — Corporate debt securities 96 — — 96 110 — — 110 Equity securities 9,308 38 1,444 10,790 7,578 56 1,156 8,790 Other (1) 6,757 — — 6,757 4,753 — — 4,753 Total 16,163 38 1,444 17,645 12,441 56 1,156 13,653 Gross amount of recognized liabilities for repurchase agreements and securities lending $ 127,123 $ 38 $ 1,444 $ 128,605 $ 164,581 $ 56 $ 1,156 $ 165,793 (1) Represents a security interest in underlying client assets related to our enhanced custody business, which assets clients have allowed us to transfer and re-pledge. |
Commitments and Guarantees (Tab
Commitments and Guarantees (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Guarantor Obligations | The following table presents the aggregate gross contractual amounts of our off-balance sheet commitments and off-balance sheet guarantees as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Commitments: Unfunded credit facilities $ 34,114 $ 34,213 Guarantees (1) : Indemnified securities financing $ 436,039 $ 440,875 Standby letters of credit 3,502 3,330 (1) The potential losses associated with these guarantees equal the gross contractual amounts and do not consider the value of any collateral or reflect any participations to independent third parties. |
Schedule of Repurchase Agreements | The following table summarizes the aggregate fair values of indemnified securities financing and related collateral, as well as collateral invested in indemnified repurchase agreements, as of the dates indicated: (In millions) March 31, 2021 December 31, 2020 Fair value of indemnified securities financing $ 436,039 $ 440,875 Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing 457,367 463,273 Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements 59,308 54,432 Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements 64,146 58,092 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Equity [Abstract] | |
Schedule of Preferred Shares | The following table summarizes selected terms of each of the series of the preferred stock issued and outstanding as of March 31, 2021: Preferred Stock (2) : Issuance Date Depositary Shares Issued Amount outstanding (in millions) Ownership Interest Per Depositary Share Liquidation Preference Per Share Liquidation Preference Per Depositary Share Per Annum Dividend Rate Dividend Payment Frequency Carrying Value as of March 31, 2021 Redemption Date (1) Series D February 2014 30,000,000 750 1/4,000th 100,000 25 5.90% to but excluding March 15, 2024, then a floating rate equal to the three-month LIBOR plus 3.108% Quarterly $ 742 March 15, 2024 Series F (3) May 2015 250,000 250 1/100th 100,000 1,000 5.25% to but excluding September 15, 2020, then a floating rate equal to the three-month LIBOR plus 3.597%, or 3.78088% effective March 15, 2021 Quarterly 247 September 15, 2020 Series G April 2016 20,000,000 500 1/4,000th 100,000 25 5.35% to but excluding March 15, 2026, then a floating rate equal to the three-month LIBOR plus 3.709% Quarterly 493 March 15, 2026 Series H September 2018 500,000 500 1/100th 100,000 1,000 5.625% to but excluding December 15, 2023, then a floating rate equal to the three-month LIBOR plus 2.539% Semi-annually 494 December 15, 2023 (1) On the redemption date, or any dividend payment date thereafter, the preferred stock and corresponding depositary shares may be redeemed by us, in whole or in part, at the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. (2) The preferred stock and corresponding depositary shares may be redeemed at our option in whole, but not in part, prior to the redemption date upon the occurrence of a regulatory capital treatment event, as defined in the certificate of designation, at a redemption price equal to the liquidation price per share and liquidation price per depositary share plus any declared and unpaid dividends, without accumulation of any undeclared dividends. (3) Series F preferred stock is redeemable on September 15, 2020 and on each succeeding dividend payment date. We did not elect redemption on September 15, 2020 or December 15, 2020. |
Dividends Declared | The following table presents the dividends declared for each of the series of preferred stock issued and outstanding for the periods indicated: Three Months Ended March 31, 2021 2020 (Dollars in millions, except per share amounts) Dividends Declared per Share Dividends Declared per Depositary Share Total Dividends Declared per Share Dividends Declared per Depositary Share Total Preferred Stock: Series C $ — $ — $ — $ 1,313 $ 0.33 $ 6 Series D 1,475 0.37 11 1,475 0.37 11 Series F 953 9.53 7 2,625 26.25 20 Series G 1,338 0.33 7 1,338 0.33 7 Series H — — — — — — Total $ 25 $ 44 The table below presents the dividends declared on common stock for the periods indicated: Three Months Ended March 31, 2021 2020 Dividends Declared per Share Total (In millions) Dividends Declared per Share Total (In millions) Common Stock $ 0.52 $ 182 $ 0.52 $ 183 |
Stock Repurchase Program | The tables below present the activity under our common stock purchase program for the periods indicated: Three Months Ended March 31, 2021 Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 6.2 $ 76.21 $ 475 Three Months Ended March 31, 2020 Shares Acquired (In millions) Average Cost per Share Total Acquired (In millions) 6.5 $ 77.35 $ 500 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table presents the after-tax components of AOCI for the periods indicated: Three Months Ended March 31, (In millions) 2021 2020 Net unrealized gains (losses) on cash flow hedges $ 57 $ 47 Net unrealized gains (losses) on available-for-sale securities portfolio 502 556 Net unrealized gains (losses) related to reclassified available-for-sale securities (46) 23 Net unrealized gains (losses) on available-for-sale securities 456 579 Net unrealized (losses) on available-for-sale securities designated in fair value hedges (21) (43) Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries (69) 154 Other-than-temporary impairment on held-to-maturity securities related to factors other than credit (2) (2) Net unrealized (losses) on retirement plans (170) (175) Foreign currency translation (669) (1,480) Total $ (418) $ (920) The following table presents changes in AOCI by component, net of related taxes, for the periods indicated: (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries Other-Than-Temporary Impairment on Held-to-Maturity Securities Net Unrealized Losses on Retirement Plans Foreign Currency Translation Total Balance as of December 31, 2020 $ 57 $ 848 $ (204) $ (2) $ (178) $ (334) $ 187 Other comprehensive income (loss) before reclassifications (15) (413) 135 — — (335) (628) Amounts reclassified into earnings 15 — — — 8 — 23 Other comprehensive income (loss) — (413) 135 — 8 (335) (605) Balance as of March 31, 2021 $ 57 $ 435 $ (69) $ (2) $ (170) $ (669) $ (418) (In millions) Net Unrealized Gains (Losses) on Cash Flow Hedges Net Unrealized Gains (Losses) on Available-for-Sale Securities Net Unrealized Gains (Losses) on Hedges of Net Investments in Non-U.S. Subsidiaries Other-Than-Temporary Impairment on Held-to-Maturity Securities Net Unrealized Losses on Retirement Plans Foreign Currency Translation Total Balance as of December 31, 2019 $ (70) $ 409 $ 46 $ (2) $ (187) $ (1,072) $ (876) Other comprehensive income (loss) before reclassifications 112 126 108 — — (408) (62) Amounts reclassified into (out of) earnings 5 1 — — 12 — 18 Other comprehensive income (loss) 117 127 108 — 12 (408) (44) Balance as of March 31, 2020 $ 47 $ 536 $ 154 $ (2) $ (175) $ (1,480) $ (920) |
Schedule of Reclassifications Out of AOCI | The following table presents after-tax reclassifications into earnings for the periods indicated: Three Months Ended March 31, 2021 2020 (In millions) Amounts Reclassified into Affected Line Item in Consolidated Statement of Income Available-for-sale securities: Net realized gains (losses) from sales of available-for-sale securities, net of related taxes of $0 and $1, respectively $ — $ 1 Net gains (losses) from sales of available-for-sale securities Cash flow hedges: Gain reclassified from accumulated other comprehensive income into Income, net of related taxes of $6 and $2 15 5 Net interest income reclassified from other comprehensive income Retirement plans: Amortization of actuarial losses, net of related taxes of $3 and $4, respectively 8 12 Compensation and employee benefits expenses Total reclassifications (into) out of Accumulated other comprehensive loss $ 23 $ 18 |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Other Disclosures [Abstract] | |
Schedule of Regulatory Capital | The following table presents the regulatory capital structure, total RWA, related regulatory capital ratios and the minimum required regulatory capital ratios for us and State Street Bank as of the dates indicated. State Street Corporation State Street Bank (Dollars in millions) Basel III Advanced Approaches March 31, 2021 Basel III Standardized Approach March 31, 2021 Basel III Advanced Approaches December 31, 2020 Basel III Standardized Approach December 31, 2020 Basel III Advanced Approaches March 31, 2021 Basel III Standardized Approach March 31, 2021 Basel III Advanced Approaches December 31, 2020 Basel III Standardized Approach December 31, 2020 Common shareholders' equity: Common stock and related surplus $ 10,731 $ 10,731 $ 10,709 $ 10,709 $ 12,893 $ 12,893 $ 12,893 $ 12,893 Retained earnings 23,751 23,751 23,442 23,442 13,479 13,479 12,939 12,939 Accumulated other comprehensive income (loss) (418) (418) 187 187 (221) (221) 371 371 Treasury stock, at cost (11,035) (11,035) (10,609) (10,609) — — — — Total 23,029 23,029 23,729 23,729 26,151 26,151 26,203 26,203 Regulatory capital adjustments: Goodwill and other intangible assets, net of associated deferred tax liabilities (9,149) (9,149) (9,019) (9,019) (8,880) (8,880) (8,745) (8,745) Other adjustments (1) (437) (437) (333) (333) (250) (250) (152) (152) Common equity tier 1 capital 13,443 13,443 14,377 14,377 17,021 17,021 17,306 17,306 Preferred stock 1,976 1,976 2,471 2,471 — — — — Tier 1 capital 15,419 15,419 16,848 16,848 17,021 17,021 17,306 17,306 Qualifying subordinated long-term debt 1,801 1,801 961 961 963 963 966 966 Allowance for credit losses — 135 1 148 — 135 10 148 Total capital $ 17,220 $ 17,355 $ 17,810 $ 17,957 $ 17,984 $ 18,119 $ 18,282 $ 18,420 Risk-weighted assets: Credit risk (2) $ 66,726 $ 122,074 $ 63,367 $ 114,892 $ 62,082 $ 119,020 $ 58,960 $ 110,797 Operational risk (3) 44,075 NA 44,150 NA 43,600 NA 43,663 NA Market risk 2,250 2,250 2,188 2,188 2,250 2,250 2,188 2,188 Total risk-weighted assets $ 113,051 $ 124,324 $ 109,705 $ 117,080 $ 107,932 $ 121,270 $ 104,811 $ 112,985 Adjusted quarterly average assets $ 285,480 $ 285,480 $ 263,490 $ 263,490 $ 282,319 $ 282,319 $ 260,489 $ 260,489 Capital Ratios: 2021 Minimum Requirements (4) 2020 Minimum Requirements (4) Common equity tier 1 capital 8.0 % 8.0 % 11.9 % 10.8 % 13.1 % 12.3 % 15.8 % 14.0 % 16.5 % 15.3 % Tier 1 capital 9.5 9.5 13.6 12.4 15.4 14.4 15.8 14.0 16.5 15.3 Total capital 11.5 11.5 15.2 14.0 16.2 15.3 16.7 14.9 17.4 16.3 Tier 1 leverage (5) 4.0 4.0 5.4 5.4 6.4 6.4 6.0 6.0 6.6 6.6 (1) Other adjustments within CET1 capital primarily include the overfunded portion of our defined benefit pension plan obligation net of associated deferred tax liabilities, disallowed deferred tax assets, and other required credit risk based deductions. (2) Includes a CVA which reflects the risk of potential fair value adjustments for credit risk reflected in our valuation of OTC derivative contracts. We used a simple CVA approach in conformity with the Basel III advanced approaches. (3) Under the current advanced approaches rules and regulatory guidance concerning operational risk models, RWA attributable to operational risk can vary substantially from period-to-period, without direct correlation to the effects of a particular loss event on our results of operations and financial condition and impacting dates and periods that may differ from the dates and periods as of and during which the loss event is reflected in our financial statements, with the timing and categorization dependent on the processes for model updates and, if applicable, model revalidation and regulatory review and related supervisory processes. An individual loss event can have a significant effect on the output of our operational RWA under the advanced approaches depending on the severity of the loss event and its categorization among the seven Basel-defined UOMs. (4) Minimum requirements include a CCB of 2.5% and a SCB of 2.5% for the advanced approaches and the standardized approach, respectively, a G-SIB surcharge of 1.0% and a countercyclical buffer of 0%. (5) State Street Bank is required to maintain a minimum Tier 1 leverage ratio of 5% as it is the insured depository institution subsidiary of one of the eight U.S. G-SIBs. NA Not applicable |
Net Interest Income (Tables)
Net Interest Income (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Banking and Thrift, Interest [Abstract] | |
Components of Interest Revenue and Interest Expense | The following table presents the components of interest income and interest expense, and related NII, for the periods indicated: Three Months Ended March 31, (In millions) 2021 2020 Interest income: Interest-bearing deposits with banks $ (9) $ 81 Investment securities: Investment securities available-for-sale 140 213 Investment securities held-to-maturity 180 271 Investment securities purchased under money market liquidity facility 4 8 Securities purchased under resale agreements 10 65 Loans 141 184 Other interest-earning assets 5 46 Total interest income 471 868 Interest expense: Interest-bearing deposits (69) 68 Short term borrowings under money market liquidity facility 4 6 Securities sold under repurchase agreements — 2 Other short-term borrowings — 10 Long-term debt 60 88 Other interest-bearing liabilities 9 30 Total interest expense 4 204 Net interest income $ 467 $ 664 |
Expenses (Tables)
Expenses (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Other Expenses [Abstract] | |
Schedule of Expenses | The following table presents the components of other expenses for the periods indicated: Three Months Ended March 31, (In millions) 2021 2020 Professional services $ 80 $ 81 Regulatory fees and assessments 18 12 Sales advertising public relations 17 18 Securities processing 12 15 Insurance 3 5 Bank operations 2 9 Other 90 90 Total other expenses $ 222 $ 230 |
Restructuring and Related Costs | The following table presents aggregate activity for repositioning charges for the periods indicated: (In millions) Employee Real Estate Asset and Other Write-offs Total Accrual Balance at December 31, 2019 $ 190 $ 7 $ 1 $ 198 Payments and Other Adjustments (33) (1) — (34) Accrual Balance at March 31, 2020 $ 157 $ 6 $ 1 $ 164 Accrual Balance at December 31, 2020 $ 190 $ 6 $ — $ 196 Accruals for Beacon (1) — — (1) Accruals for Repositioning Charges — 2 — 2 Payments and Other Adjustments (9) (2) — (11) Accrual Balance at March 31, 2021 $ 180 $ 6 $ — $ 186 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table presents the computation of basic and diluted earnings per common share for the periods indicated: Three Months Ended March 31, (Dollars in millions, except per share amounts) 2021 2020 Net income $ 519 $ 634 Less: Preferred stock dividends (30) (53) Dividends and undistributed earnings allocated to participating securities (1) — (1) Net income available to common shareholders $ 489 $ 580 Average common shares outstanding (In thousands): Basic average common shares 350,743 353,746 Effect of dilutive securities: equity-based awards 4,947 4,247 Diluted average common shares 355,690 357,993 Anti-dilutive securities (2) 255 918 Earnings per common share: Basic $ 1.39 $ 1.64 Diluted (3) 1.37 1.62 (1) Represents the portion of net income available to common equity allocated to participating securities, composed of unvested and fully vested SERP (Supplemental executive retirement plans) shares and fully vested deferred director stock awards, which are equity-based awards that contain non-forfeitable rights to dividends, and are considered to participate with the common stock in undistributed earnings. (2) Represents equity-based awards outstanding but not included in the computation of diluted average common shares, because their effect was anti-dilutive. Additional information about equity-based awards is provided on pages 176 and 177 in Note 18 to the consolidated financial statements included under Item 8, Financial Statements and Supplementary Data, in our 2020 Form 10-K. (3) Calculations reflect allocation of earnings to participating securities using the two-class method, as this computation is more dilutive than the treasury stock method. |
Line of Business Information (T
Line of Business Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting [Abstract] | |
Summary of Line of Business Results | The following is a summary of our line of business results for the periods indicated. The "Other" columns represent costs incurred that are not allocated to a specific line of business, certain employee costs, including certain severance and restructuring costs, acquisition costs and certain provisions for legal contingencies. Three Months Ended March 31, Investment Investment Other Total (Dollars in millions) 2021 2020 2021 2020 2021 2020 2021 2020 Servicing fees $ 1,371 $ 1,287 $ — $ — $ — $ — $ 1,371 $ 1,287 Management fees — — 493 464 — — 493 464 Foreign exchange trading services 333 434 13 10 — — 346 444 Securities finance 95 89 4 3 — — 99 92 Software and processing fees (1)(2) 172 137 2 (25) — — 174 112 Total fee revenue (1) 1,971 1,947 512 452 — — 2,483 2,399 Net interest income 473 663 (6) 1 — — 467 664 Total other income — 2 — — — — — 2 Total revenue (1) 2,444 2,612 506 453 — — 2,950 3,065 Provision for credit losses (9) 36 — — — — (9) 36 Total expenses (1) 1,879 1,859 397 385 56 11 2,332 2,255 Income before income tax expense $ 574 $ 717 $ 109 $ 68 $ (56) $ (11) $ 627 $ 774 Pre-tax margin 23 % 27 % 21 % 15 % 21 % 25 % (1) Investment Servicing includes results from our acquisition of CRD on October 1, 2018. (2) Investment Management includes other revenue items that are primarily driven by equity market movements. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | In the following table, revenue is disaggregated by our two lines of business and by revenue stream for which the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Three Months Ended March 31, 2021 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2021 Servicing fees $ 1,371 $ — $ 1,371 $ — $ — $ — $ 1,371 Management fees — — — 493 — 493 493 Foreign exchange trading services 95 238 333 13 — 13 346 Securities finance 60 35 95 — 4 4 99 Software and processing fees 108 64 172 — 2 2 174 Total fee revenue 1,634 337 1,971 506 6 512 2,483 Net interest income — 473 473 — (6) (6) 467 Total other income — — — — — — — Total revenue $ 1,634 $ 810 $ 2,444 $ 506 $ — $ 506 $ 2,950 Three Months Ended March 31, 2020 Investment Servicing Investment Management Total (Dollars in millions) Topic 606 revenue All other revenue Total Topic 606 revenue All other revenue Total 2020 Servicing fees $ 1,287 $ — $ 1,287 $ — $ — $ — $ 1,287 Management fees — — — 464 — 464 464 Foreign exchange trading services 100 334 434 10 — 10 444 Securities finance 57 32 89 — 3 3 92 Software and processing fees 107 30 137 — (25) (25) 112 Total fee revenue 1,551 396 1,947 474 (22) 452 2,399 Net interest income — 663 663 — 1 1 664 Total other income — 2 2 — — — 2 Total revenue $ 1,551 $ 1,061 $ 2,612 $ 474 $ (21) $ 453 $ 3,065 |
Non-U.S. Activities (Tables)
Non-U.S. Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segments, Geographical Areas [Abstract] | |
Schedule of Results from Non-U.S. Operations | The following table presents our U.S. and non-U.S. financial results for the periods indicated: Three Months Ended March 31, 2021 2020 (In millions) Non-U.S. (1) U.S. Total Non-U.S. (1) U.S. Total Total revenue $ 1,337 $ 1,613 $ 2,950 $ 1,357 $ 1,708 $ 3,065 Income before income tax expense 312 315 627 339 435 774 (1) Geographic mix is generally based on the domicile of the entity servicing the funds and is not necessarily representative of the underlying asset mix. |
Fair Value - Schedule of Fair V
Fair Value - Schedule of Fair Value Measurements on a Recurring Basis (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | $ 786 | $ 815 |
Investment securities available-for-sale | 60,512 | 59,048 |
Derivative assets | 8,170 | 5,804 |
Derivative asset, collateral, cash offset | 1,805 | 5,869 |
Derivative liability, collateral, cash offset | 3,610 | 1,287 |
Non-US debt securities, supranational and non US agency bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 10,130 | 9,550 |
Non-U.S. debt securities, corporate bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,900 | 1,880 |
Non-US debt securities, covered bonds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 430 | 470 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 786 | 815 |
Investment securities available-for-sale | 60,512 | 59,048 |
Derivative asset, Impact of Netting | (13,729) | (20,140) |
Derivative assets | 8,170 | 5,804 |
Other | 549 | 525 |
Other assets - impact of netting | 0 | 0 |
Total, derivative asset | 70,017 | 66,192 |
Derivative liability, Impact of Netting | (15,534) | (15,558) |
Derivative liabilities | 6,727 | 10,568 |
Total liabilities carried at fair value | 6,727 | 10,572 |
Recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, Impact of Netting | (13,728) | (20,140) |
Derivative assets | 8,170 | 5,803 |
Derivative liability, Impact of Netting | (15,533) | (15,558) |
Derivative liabilities | 6,512 | 10,369 |
Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset, Impact of Netting | (1) | 0 |
Derivative assets | 0 | 1 |
Derivative liability, Impact of Netting | (1) | 0 |
Derivative liabilities | 34 | 42 |
Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability, Impact of Netting | 0 | 0 |
Derivative liabilities | 181 | 157 |
Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 40 | 40 |
Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 222 | 239 |
Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 524 | 536 |
Investment securities available-for-sale | 3,479 | 3,443 |
Recurring | US Treasury and federal agencies, direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,937 | 6,575 |
Recurring | US Treasury and federal agencies, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 14,425 | 14,305 |
Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 23,362 | 20,880 |
Recurring | Asset-backed securities, student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 288 | 314 |
Recurring | Asset-backed securities, credit cards | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 91 | 90 |
Recurring | Asset-backed securities, collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,775 | 2,966 |
Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 71 | 78 |
Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 4,225 | 3,448 |
Recurring | Non-U.S. debt securities, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,032 | 1,996 |
Recurring | Non-U.S. debt securities, asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,297 | 2,291 |
Recurring | Non-U.S. debt securities, government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,910 | 12,539 |
Recurring | Non-U.S. debt securities, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 13,709 | 12,903 |
Recurring | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 27,948 | 29,729 |
Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,498 | 1,548 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 40 | 57 |
Investment securities available-for-sale | 8,937 | 6,575 |
Derivative asset | 1 | 1 |
Other | 0 | 0 |
Total, derivative asset | 8,978 | 6,633 |
Derivative liability | 9 | 1 |
Total liabilities carried at fair value | 9 | 5 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 9 | 1 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 1 | 1 |
Derivative liability | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 40 | 40 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 17 |
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | US Treasury and federal agencies, direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,937 | 6,575 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | US Treasury and federal agencies, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 8,937 | 6,575 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, credit cards | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Asset-backed securities, collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. debt securities, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. debt securities, asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. debt securities, government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Non-U.S. debt securities, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Quoted Market Prices in Active Markets (Level 1) | Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 746 | 758 |
Investment securities available-for-sale | 51,454 | 52,459 |
Derivative asset | 21,892 | 25,941 |
Other | 549 | 525 |
Total, derivative asset | 74,641 | 79,683 |
Derivative liability | 22,252 | 26,124 |
Total liabilities carried at fair value | 22,252 | 26,124 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 21,892 | 25,941 |
Derivative liability | 22,036 | 25,925 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 35 | 42 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 181 | 157 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 222 | 239 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 524 | 519 |
Investment securities available-for-sale | 3,464 | 3,443 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | US Treasury and federal agencies, direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | US Treasury and federal agencies, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 14,425 | 14,305 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 14,425 | 14,305 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities, student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 288 | 314 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities, credit cards | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 91 | 90 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Asset-backed securities, collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 3,669 | 2,952 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 71 | 78 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 4,119 | 3,434 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. debt securities, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,032 | 1,996 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. debt securities, asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 2,297 | 2,291 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. debt securities, government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 9,910 | 12,539 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Non-U.S. debt securities, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 13,709 | 12,903 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 27,948 | 29,729 |
Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 1,498 | 1,548 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Investment securities available-for-sale | 121 | 14 |
Derivative asset | 6 | 2 |
Other | 0 | 0 |
Total, derivative asset | 127 | 16 |
Derivative liability | 0 | 1 |
Total liabilities carried at fair value | 0 | 1 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Foreign exchange contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 6 | 2 |
Derivative liability | 0 | 1 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Interest rate contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Derivative liability | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other derivative contracts | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading account assets | 0 | 0 |
Investment securities available-for-sale | 15 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | US Treasury and federal agencies, direct obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | US Treasury and federal agencies, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total U.S. Treasury and federal agencies | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, student loans | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, credit cards | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Asset-backed securities, collateralized loan obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 106 | 14 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-agency CMBS and RMBS | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 106 | 14 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, mortgage-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, asset-backed securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, government securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Non-U.S. debt securities, other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | Total non-U.S. debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | 0 | 0 |
Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | State and political subdivisions | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment securities available-for-sale | $ 0 | 0 |
Other | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading liability | 4 | |
Trading liability, Impact of Netting | 0 | |
Other | Quoted Market Prices in Active Markets (Level 1) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading liability | 4 | |
Other | Pricing Methods with Significant Observable Market Inputs (Level 2) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading liability | 0 | |
Other | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trading liability | $ 0 |
Fair Value - Schedule of Fair_2
Fair Value - Schedule of Fair Value Measurements, Assets, Using Significant Unobservable Inputs (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | $ 16 | $ 2,756 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 11 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | (149) |
Purchases | 110 | 181 |
Sales | 0 | (42) |
Settlements | 0 | (35) |
Transfers into Level 3 | 15 | 0 |
Transfers out of Level 3 | (14) | 0 |
Fair value, end of period | 127 | 2,722 |
Change in unrealized gains (losses) related to financial instruments held | 1 | 12 |
Derivative instruments, assets | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 2 | 4 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 11 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | 0 |
Purchases | 4 | 3 |
Sales | 0 | 0 |
Settlements | 0 | (1) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value, end of period | 6 | 17 |
Change in unrealized gains (losses) related to financial instruments held | 1 | 12 |
Foreign exchange contracts | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 2 | 4 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 11 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | 0 |
Purchases | 4 | 3 |
Sales | 0 | 0 |
Settlements | 0 | (1) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | 0 | 0 |
Fair value, end of period | 6 | 17 |
Change in unrealized gains (losses) related to financial instruments held | 1 | 12 |
Asset-backed securities, collateralized loan obligations | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 14 | 1,820 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 0 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | (83) |
Purchases | 106 | 178 |
Sales | 0 | (42) |
Settlements | 0 | (32) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (14) | 0 |
Fair value, end of period | 106 | 1,841 |
Asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 14 | 1,820 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 0 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | (83) |
Purchases | 106 | 178 |
Sales | 0 | (42) |
Settlements | 0 | (32) |
Transfers into Level 3 | 0 | 0 |
Transfers out of Level 3 | (14) | 0 |
Fair value, end of period | 106 | 1,841 |
Other U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | ||
Total realized and unrealized gain (losses) recorded in revenue | 0 | |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers into Level 3 | 15 | |
Transfers out of Level 3 | 0 | |
Fair value, end of period | 15 | |
Non-U.S. debt securities, asset-backed securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 887 | |
Total realized and unrealized gain (losses) recorded in revenue | 0 | |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (65) | |
Purchases | 0 | |
Sales | 0 | |
Settlements | (2) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair value, end of period | 820 | |
Non-U.S. debt securities, other | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 45 | |
Total realized and unrealized gain (losses) recorded in revenue | 0 | |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (1) | |
Purchases | 0 | |
Sales | 0 | |
Settlements | 0 | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair value, end of period | 44 | |
Total non-U.S. debt securities | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 932 | |
Total realized and unrealized gain (losses) recorded in revenue | 0 | |
Total realized and unrealized gain (losses) recorded in other comprehensive income | (66) | |
Purchases | 0 | |
Sales | 0 | |
Settlements | (2) | |
Transfers into Level 3 | 0 | |
Transfers out of Level 3 | 0 | |
Fair value, end of period | 864 | |
Investment securities available-for-sale | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Fair value, beginning of period | 14 | 2,752 |
Total realized and unrealized gain (losses) recorded in revenue | 0 | 0 |
Total realized and unrealized gain (losses) recorded in other comprehensive income | 0 | (149) |
Purchases | 106 | 178 |
Sales | 0 | (42) |
Settlements | 0 | (34) |
Transfers into Level 3 | 15 | 0 |
Transfers out of Level 3 | (14) | 0 |
Fair value, end of period | $ 121 | $ 2,705 |
Fair Value - Fair Value Inputs,
Fair Value - Fair Value Inputs, Assets and Liabilities, Quantitative Information (Details) - Pricing Methods with Significant Unobservable Market Inputs (Level 3) $ in Millions | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($) |
Volatility | Option model | Derivative instruments, liabilities | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.047 | |
Volatility | Option model | Derivative instruments, liabilities | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.074 | |
Volatility | Option model | Derivative instruments, liabilities | Weighted average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative liability, measurement input | 0.047 | 0.077 |
Volatility | Option model | Derivative instruments, assets | Minimum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative asset, measurement input | 0.042 | |
Volatility | Option model | Derivative instruments, assets | Maximum | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative asset, measurement input | 0.178 | |
Volatility | Option model | Derivative instruments, assets | Weighted average | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative asset, measurement input | 0.073 | 0.079 |
Significant Unobservable Inputs Readily Available | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Total, derivative asset | $ 6 | $ 2 |
Total liabilities carried at fair value | 0 | 1 |
Significant Unobservable Inputs Readily Available | Derivative instruments, liabilities | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative instruments, foreign exchange contracts, derivative asset | 0 | 1 |
Significant Unobservable Inputs Readily Available | Derivative instruments, assets | ||
Fair Value Inputs, Assets and Liabilities, Quantitative Information [Line Items] | ||
Derivative instruments, foreign exchange contracts, derivative asset | $ 6 | $ 2 |
Fair Value - Carrying Value and
Fair Value - Carrying Value and Estimated Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financial Assets: | ||
Cash and due from banks | $ 4,552 | $ 3,467 |
Interest-bearing deposits with banks | 107,554 | 116,960 |
Securities purchased under resale agreements | 5,238 | 3,106 |
Investment securities held-to-maturity | 46,752 | 50,003 |
Financial Liabilities: | ||
Non-interest-bearing | 57,079 | 49,439 |
Interest-bearing - U.S. | 108,372 | 102,331 |
Interest-bearing - non-U.S. | 79,442 | 88,028 |
Securities sold under repurchase agreements | 587 | 3,413 |
Other short-term borrowings | 642 | 685 |
Short-term borrowings under the MMLF program | ||
Financial Liabilities: | ||
Other short-term borrowings | 200 | |
Pricing Methods with Significant Observable Market Inputs (Level 2) | ||
Financial Assets: | ||
Net loans (excluding leases) | 7 | |
Reported Amount | ||
Financial Assets: | ||
Cash and due from banks | 4,552 | 3,467 |
Interest-bearing deposits with banks | 107,554 | 116,960 |
Securities purchased under resale agreements | 5,238 | 3,106 |
Investment securities held-to-maturity | 46,261 | |
Net loans (excluding leases) | 31,467 | 27,803 |
Other | 6,757 | 4,753 |
Financial Liabilities: | ||
Non-interest-bearing | 57,079 | |
Interest-bearing - U.S. | 108,372 | |
Interest-bearing - non-U.S. | 79,442 | |
Securities sold under repurchase agreements | 587 | |
Other short-term borrowings | 642 | |
Long-term debt | 13,836 | |
Other | 6,757 | 4,753 |
Reported Amount | HTM securities purchased under the MMLF program | ||
Financial Assets: | ||
Investment securities held-to-maturity | 201 | 3,299 |
Estimated Fair Value | ||
Financial Assets: | ||
Cash and due from banks | 4,552 | 3,467 |
Interest-bearing deposits with banks | 107,554 | 116,960 |
Securities purchased under resale agreements | 5,238 | 3,106 |
Investment securities held-to-maturity | 46,953 | 50,003 |
Net loans (excluding leases) | 31,512 | 27,884 |
Other | 6,757 | 4,753 |
Financial Liabilities: | ||
Non-interest-bearing | 57,079 | 49,439 |
Interest-bearing - U.S. | 108,372 | 102,331 |
Interest-bearing - non-U.S. | 79,442 | 88,028 |
Securities sold under repurchase agreements | 587 | 3,413 |
Other short-term borrowings | 642 | 685 |
Long-term debt | 13,904 | 14,162 |
Other | 6,757 | 4,753 |
Estimated Fair Value | HTM securities purchased under the MMLF program | ||
Financial Assets: | ||
Investment securities held-to-maturity | 201 | 3,304 |
Estimated Fair Value | Short-term borrowings under the MMLF program | ||
Financial Liabilities: | ||
Other short-term borrowings | 200 | 3,302 |
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | ||
Financial Assets: | ||
Cash and due from banks | 4,552 | 3,467 |
Interest-bearing deposits with banks | 0 | 0 |
Securities purchased under resale agreements | 0 | 0 |
Investment securities held-to-maturity | 5,566 | 6,115 |
Net loans (excluding leases) | 0 | 0 |
Other | 0 | 0 |
Financial Liabilities: | ||
Non-interest-bearing | 0 | 0 |
Interest-bearing - U.S. | 0 | 0 |
Interest-bearing - non-U.S. | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 0 | 0 |
Other | 0 | 0 |
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | HTM securities purchased under the MMLF program | ||
Financial Assets: | ||
Investment securities held-to-maturity | 0 | 0 |
Estimated Fair Value | Quoted Market Prices in Active Markets (Level 1) | Short-term borrowings under the MMLF program | ||
Financial Liabilities: | ||
Other short-term borrowings | 0 | 0 |
Estimated Fair Value | Pricing Methods with Significant Observable Market Inputs (Level 2) | ||
Financial Assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 107,554 | 116,960 |
Securities purchased under resale agreements | 5,238 | 3,106 |
Investment securities held-to-maturity | 41,337 | 43,888 |
Net loans (excluding leases) | 29,340 | 25,668 |
Other | 6,757 | 4,753 |
Financial Liabilities: | ||
Non-interest-bearing | 57,079 | 49,439 |
Interest-bearing - U.S. | 108,372 | 102,331 |
Interest-bearing - non-U.S. | 79,442 | 88,028 |
Securities sold under repurchase agreements | 587 | 3,413 |
Other short-term borrowings | 642 | 685 |
Long-term debt | 13,801 | 14,049 |
Other | 6,757 | 4,753 |
Estimated Fair Value | Pricing Methods with Significant Observable Market Inputs (Level 2) | HTM securities purchased under the MMLF program | ||
Financial Assets: | ||
Investment securities held-to-maturity | 201 | 3,304 |
Estimated Fair Value | Pricing Methods with Significant Observable Market Inputs (Level 2) | Short-term borrowings under the MMLF program | ||
Financial Liabilities: | ||
Other short-term borrowings | 200 | 3,302 |
Estimated Fair Value | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | ||
Financial Assets: | ||
Cash and due from banks | 0 | 0 |
Interest-bearing deposits with banks | 0 | 0 |
Securities purchased under resale agreements | 0 | 0 |
Investment securities held-to-maturity | 50 | 0 |
Net loans (excluding leases) | 2,171 | 2,216 |
Other | 0 | 0 |
Financial Liabilities: | ||
Non-interest-bearing | 0 | 0 |
Interest-bearing - U.S. | 0 | 0 |
Interest-bearing - non-U.S. | 0 | 0 |
Securities sold under repurchase agreements | 0 | 0 |
Other short-term borrowings | 0 | 0 |
Long-term debt | 103 | 113 |
Other | 0 | 0 |
Estimated Fair Value | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | HTM securities purchased under the MMLF program | ||
Financial Assets: | ||
Investment securities held-to-maturity | 0 | 0 |
Estimated Fair Value | Pricing Methods with Significant Unobservable Market Inputs (Level 3) | Short-term borrowings under the MMLF program | ||
Financial Liabilities: | ||
Other short-term borrowings | $ 0 | $ 0 |
Investment Securities - Narrati
Investment Securities - Narrative (Details) | 3 Months Ended | ||
Mar. 31, 2021USD ($)security | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Investment securities held to maturity purchased | $ 201,000,000 | $ 29,000,000,000 | $ 3,299,000,000 |
Debt securities, held-to-maturity, allowance for credit loss | 2,000,000 | ||
Pledged securities not separately reported | $ 71,700,000,000 | $ 70,570,000,000 | |
Percentage of investment portfolio considered investment grade | 99.00% | ||
Credit loss expense (reversal) | $ (9,000,000) | 36,000,000 | |
HTM securities writeoff | 0 | ||
Gross pre-tax unrealized losses | $ 562,000,000 | ||
Number of securities in loss position | security | 664 | ||
Held-to-Maturity Securities | |||
Other than Temporary Impairment, Credit Losses Recognized in Earnings [Line Items] | |||
Credit loss expense (reversal) | $ (1,000,000) | $ 4,000,000 |
Investment Securities - Schedul
Investment Securities - Schedule of Marketable Securities (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | $ 59,979 | $ 57,987 |
Available for sale, gross unrealized gains | 749 | 1,087 |
Available for sale, gross unrealized losses | 216 | 26 |
Available-for-sale, fair value | 60,512 | 59,048 |
Held to maturity, amortized cost | 46,261 | 48,929 |
Investment securities held-to-maturity | 46,752 | 50,003 |
Debt securities, held-to-maturity, allowance for credit loss | 2 | |
US Treasury and federal agencies, direct obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 8,948 | 6,453 |
Available for sale, gross unrealized gains | 28 | 123 |
Available for sale, gross unrealized losses | 39 | 1 |
Available-for-sale, fair value | 8,937 | 6,575 |
Held to maturity, amortized cost | 5,530 | 6,057 |
Held to maturity, gross unrealized gains | 61 | 83 |
Held to maturity, gross unrealized losses | 0 | 0 |
Investment securities held-to-maturity | 5,591 | 6,140 |
US Treasury and federal agencies, mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 14,181 | 13,891 |
Available for sale, gross unrealized gains | 326 | 421 |
Available for sale, gross unrealized losses | 82 | 7 |
Available-for-sale, fair value | 14,425 | 14,305 |
Held to maturity, amortized cost | 34,930 | 36,901 |
Held to maturity, gross unrealized gains | 629 | 955 |
Held to maturity, gross unrealized losses | 322 | 67 |
Investment securities held-to-maturity | 35,237 | 37,789 |
Total U.S. Treasury and federal agencies | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 23,129 | 20,344 |
Available for sale, gross unrealized gains | 354 | 544 |
Available for sale, gross unrealized losses | 121 | 8 |
Available-for-sale, fair value | 23,362 | 20,880 |
Held to maturity, amortized cost | 40,460 | 42,958 |
Held to maturity, gross unrealized gains | 690 | 1,038 |
Held to maturity, gross unrealized losses | 322 | 67 |
Investment securities held-to-maturity | 40,828 | 43,929 |
Asset-backed securities, student loans | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 283 | 313 |
Available for sale, gross unrealized gains | 5 | 2 |
Available for sale, gross unrealized losses | 0 | 1 |
Available-for-sale, fair value | 288 | 314 |
Held to maturity, amortized cost | 4,745 | 4,774 |
Held to maturity, gross unrealized gains | 43 | 33 |
Held to maturity, gross unrealized losses | 20 | 25 |
Investment securities held-to-maturity | 4,768 | 4,782 |
Asset-backed securities, credit cards | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 90 | 90 |
Available for sale, gross unrealized gains | 1 | 0 |
Available for sale, gross unrealized losses | 0 | 0 |
Available-for-sale, fair value | 91 | 90 |
Asset-backed securities, collateralized loan obligations | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,770 | 2,969 |
Available for sale, gross unrealized gains | 6 | 3 |
Available for sale, gross unrealized losses | 1 | 6 |
Available-for-sale, fair value | 3,775 | 2,966 |
Non-agency CMBS and RMBS | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 70 | 76 |
Available for sale, gross unrealized gains | 1 | 2 |
Available for sale, gross unrealized losses | 0 | 0 |
Available-for-sale, fair value | 71 | 78 |
Held to maturity, amortized cost | 526 | 554 |
Held to maturity, gross unrealized gains | 32 | 30 |
Held to maturity, gross unrealized losses | 1 | 1 |
Investment securities held-to-maturity | 557 | 583 |
Total asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 4,213 | 3,448 |
Available for sale, gross unrealized gains | 13 | 7 |
Available for sale, gross unrealized losses | 1 | 7 |
Available-for-sale, fair value | 4,225 | 3,448 |
Held to maturity, amortized cost | 5,271 | 5,328 |
Held to maturity, gross unrealized gains | 75 | 63 |
Held to maturity, gross unrealized losses | 21 | 26 |
Investment securities held-to-maturity | 5,325 | 5,365 |
Non-U.S. debt securities, mortgage-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,021 | 1,994 |
Available for sale, gross unrealized gains | 11 | 4 |
Available for sale, gross unrealized losses | 0 | 2 |
Available-for-sale, fair value | 2,032 | 1,996 |
Held to maturity, amortized cost | 286 | 303 |
Held to maturity, gross unrealized gains | 70 | 68 |
Held to maturity, gross unrealized losses | 3 | 4 |
Investment securities held-to-maturity | 353 | 367 |
Non-U.S. debt securities, asset-backed securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 2,296 | 2,294 |
Available for sale, gross unrealized gains | 2 | 1 |
Available for sale, gross unrealized losses | 1 | 4 |
Available-for-sale, fair value | 2,297 | 2,291 |
Non-U.S. debt securities, government securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 9,773 | 12,337 |
Available for sale, gross unrealized gains | 138 | 202 |
Available for sale, gross unrealized losses | 1 | 0 |
Available-for-sale, fair value | 9,910 | 12,539 |
Held to maturity, amortized cost | 246 | 342 |
Held to maturity, gross unrealized gains | 0 | 0 |
Held to maturity, gross unrealized losses | 0 | 0 |
Investment securities held-to-maturity | 246 | 342 |
Non-U.S. debt securities, other | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 13,679 | 12,729 |
Available for sale, gross unrealized gains | 111 | 177 |
Available for sale, gross unrealized losses | 81 | 3 |
Available-for-sale, fair value | 13,709 | 12,903 |
Total non-U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 27,769 | 29,354 |
Available for sale, gross unrealized gains | 262 | 384 |
Available for sale, gross unrealized losses | 83 | 9 |
Available-for-sale, fair value | 27,948 | 29,729 |
Held to maturity, amortized cost | 532 | 645 |
Held to maturity, gross unrealized gains | 70 | 68 |
Held to maturity, gross unrealized losses | 3 | 4 |
Investment securities held-to-maturity | 599 | 709 |
State and political subdivisions | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 1,431 | 1,470 |
Available for sale, gross unrealized gains | 69 | 80 |
Available for sale, gross unrealized losses | 2 | 2 |
Available-for-sale, fair value | 1,498 | 1,548 |
Other U.S. debt securities | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available for sale, amortized cost | 3,437 | 3,371 |
Available for sale, gross unrealized gains | 51 | 72 |
Available for sale, gross unrealized losses | 9 | 0 |
Available-for-sale, fair value | 3,479 | 3,443 |
Total Before MMLF | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | 46,263 | 48,931 |
Held to maturity, gross unrealized gains | 835 | 1,169 |
Held to maturity, gross unrealized losses | 346 | 97 |
Investment securities held-to-maturity | 46,752 | 50,003 |
Held-to-maturity under money market mutual fund liquidity facility | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | 201 | 3,300 |
Held to maturity, gross unrealized gains | 0 | 4 |
Held to maturity, gross unrealized losses | 0 | 0 |
Investment securities held-to-maturity | 201 | 3,304 |
Including MMLF | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | 46,464 | 52,231 |
Held to maturity, gross unrealized gains | 835 | 1,173 |
Held to maturity, gross unrealized losses | 346 | 97 |
Investment securities held-to-maturity | $ 46,953 | 53,307 |
Federal family education loan program | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Federal government credit support guarantee, percentage minimum | 97.00% | |
Non-US debt securities, supranational and non US agency bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available-for-sale, fair value | $ 10,130 | 9,550 |
Non-U.S. debt securities, corporate bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available-for-sale, fair value | 1,900 | 1,880 |
Non-US debt securities, covered bonds | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Available-for-sale, fair value | 430 | 470 |
State and political subdivisions, securities in trusts | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Investment securities related to state and political subdivisions | 700 | 700 |
Non-Agency CMBS | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | 446 | 464 |
Non-Agency RMBS | ||
Available-For-Sale and Held-To-Maturity-Securities [Line Items] | ||
Held to maturity, amortized cost | $ 80 | $ 90 |
Investment Securities - Sched_2
Investment Securities - Schedule of Gross Pre-Tax Unrealized Losses on Investment Securities (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | $ 17,577 | $ 7,490 |
Available for sale, gross unrealized losses less than 12 months | 212 | 19 |
Available for sale, fair value 12 months or longer | 1,257 | 1,351 |
Available for sale, gross unrealized losses 12 months or longer | 4 | 7 |
Available for sale, fair value total | 18,834 | 8,841 |
Available for sale, gross unrealized losses total | 216 | 26 |
US Treasury and federal agencies, direct obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 5,438 | 1,636 |
Available for sale, gross unrealized losses less than 12 months | 39 | 1 |
Available for sale, fair value 12 months or longer | 0 | 0 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 0 |
Available for sale, fair value total | 5,438 | 1,636 |
Available for sale, gross unrealized losses total | 39 | 1 |
US Treasury and federal agencies, mortgage-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 3,753 | 1,394 |
Available for sale, gross unrealized losses less than 12 months | 82 | 7 |
Available for sale, fair value 12 months or longer | 11 | 63 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 0 |
Available for sale, fair value total | 3,764 | 1,457 |
Available for sale, gross unrealized losses total | 82 | 7 |
Total U.S. Treasury and federal agencies | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 9,191 | 3,030 |
Available for sale, gross unrealized losses less than 12 months | 121 | 8 |
Available for sale, fair value 12 months or longer | 11 | 63 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 0 |
Available for sale, fair value total | 9,202 | 3,093 |
Available for sale, gross unrealized losses total | 121 | 8 |
Asset-backed securities, student loans | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 31 | |
Available for sale, gross unrealized losses less than 12 months | 0 | |
Available for sale, fair value 12 months or longer | 197 | |
Available for sale, gross unrealized losses 12 months or longer | 1 | |
Available for sale, fair value total | 228 | |
Available for sale, gross unrealized losses total | 1 | |
Asset-backed securities, collateralized loan obligations | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 985 | 1,498 |
Available for sale, gross unrealized losses less than 12 months | 0 | 4 |
Available for sale, fair value 12 months or longer | 234 | 369 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 2 |
Available for sale, fair value total | 1,219 | 1,867 |
Available for sale, gross unrealized losses total | 1 | 6 |
Asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 985 | 1,529 |
Available for sale, gross unrealized losses less than 12 months | 0 | 4 |
Available for sale, fair value 12 months or longer | 234 | 566 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 3 |
Available for sale, fair value total | 1,219 | 2,095 |
Available for sale, gross unrealized losses total | 1 | 7 |
Non-U.S. debt securities, mortgage-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 600 | |
Available for sale, gross unrealized losses less than 12 months | 1 | |
Available for sale, fair value 12 months or longer | 120 | |
Available for sale, gross unrealized losses 12 months or longer | 1 | |
Available for sale, fair value total | 720 | |
Available for sale, gross unrealized losses total | 2 | |
Non-U.S. debt securities, asset-backed securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 231 | 1,015 |
Available for sale, gross unrealized losses less than 12 months | 0 | 3 |
Available for sale, fair value 12 months or longer | 895 | 446 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 1 |
Available for sale, fair value total | 1,126 | 1,461 |
Available for sale, gross unrealized losses total | 1 | 4 |
Non-U.S. debt securities, government securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 1,570 | 489 |
Available for sale, gross unrealized losses less than 12 months | 1 | 0 |
Available for sale, fair value 12 months or longer | 0 | 0 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 0 |
Available for sale, fair value total | 1,570 | 489 |
Available for sale, gross unrealized losses total | 1 | 0 |
Non-U.S. debt securities, other | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 4,618 | 715 |
Available for sale, gross unrealized losses less than 12 months | 81 | 3 |
Available for sale, fair value 12 months or longer | 71 | 80 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 0 |
Available for sale, fair value total | 4,689 | 795 |
Available for sale, gross unrealized losses total | 81 | 3 |
Total non-U.S. debt securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 6,419 | 2,819 |
Available for sale, gross unrealized losses less than 12 months | 82 | 7 |
Available for sale, fair value 12 months or longer | 966 | 646 |
Available for sale, gross unrealized losses 12 months or longer | 1 | 2 |
Available for sale, fair value total | 7,385 | 3,465 |
Available for sale, gross unrealized losses total | 83 | 9 |
State and political subdivisions | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 60 | 95 |
Available for sale, gross unrealized losses less than 12 months | 0 | 0 |
Available for sale, fair value 12 months or longer | 46 | 76 |
Available for sale, gross unrealized losses 12 months or longer | 2 | 2 |
Available for sale, fair value total | 106 | 171 |
Available for sale, gross unrealized losses total | 2 | 2 |
Other U.S. debt securities | ||
Gross Pre-Tax Unrealized Losses On Investment Securities [Line Items] | ||
Available for sale, fair value less than 12 months | 922 | 17 |
Available for sale, gross unrealized losses less than 12 months | 9 | 0 |
Available for sale, fair value 12 months or longer | 0 | 0 |
Available for sale, gross unrealized losses 12 months or longer | 0 | 0 |
Available for sale, fair value total | 922 | 17 |
Available for sale, gross unrealized losses total | $ 9 | $ 0 |
Investment Securities - Sched_3
Investment Securities - Schedule of Contractual Maturities of Debt Securities (Details) $ in Millions | Mar. 31, 2021USD ($) |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | $ 9,172 |
Available for sale, under 1 year, fair value | 9,202 |
Available for sale, 1 to 5 years, amortized cost | 26,512 |
Available for sale, 1 to 5 years, fair value | 26,740 |
Available for sale, 6 to 10 years, amortized cost | 11,478 |
Available for sale, 6 to 10 years, fair value | 11,535 |
Available for sale, over 10 years, amortized cost | 12,817 |
Available for sale, over 10 years, fair value | 13,035 |
Available for sale, amortized cost | 59,979 |
Available for sale, fair value | 60,512 |
Held to maturity, under 1 year, amortized cost | 5,655 |
Held to maturity, under 1 year, fair value | 5,704 |
Held to maturity, 1 to 5 years, amortized cost | 1,854 |
Held to maturity, 1 to 5 years, fair value | 1,883 |
Held to maturity, 6 to 10 years, amortized cost | 6,008 |
Held to maturity, 6 to 10 years, fair value | 5,942 |
Held to maturity, over 10 years, amortized cost | 32,947 |
Held to maturity, over 10 years, fair value | 33,424 |
Held to maturity, amortized cost | 46,464 |
Held to maturity, fair value | 46,953 |
US Treasury and federal agencies, direct obligations | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 3,211 |
Available for sale, under 1 year, fair value | 3,219 |
Available for sale, 1 to 5 years, amortized cost | 3,524 |
Available for sale, 1 to 5 years, fair value | 3,513 |
Available for sale, 6 to 10 years, amortized cost | 2,213 |
Available for sale, 6 to 10 years, fair value | 2,205 |
Available for sale, over 10 years, amortized cost | 0 |
Available for sale, over 10 years, fair value | 0 |
Available for sale, amortized cost | 8,948 |
Available for sale, fair value | 8,937 |
Held to maturity, under 1 year, amortized cost | 4,405 |
Held to maturity, under 1 year, fair value | 4,444 |
Held to maturity, 1 to 5 years, amortized cost | 1,104 |
Held to maturity, 1 to 5 years, fair value | 1,126 |
Held to maturity, 6 to 10 years, amortized cost | 1 |
Held to maturity, 6 to 10 years, fair value | 1 |
Held to maturity, over 10 years, amortized cost | 20 |
Held to maturity, over 10 years, fair value | 20 |
Held to maturity, amortized cost | 5,530 |
Held to maturity, fair value | 5,591 |
US Treasury and federal agencies, mortgage-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 109 |
Available for sale, under 1 year, fair value | 114 |
Available for sale, 1 to 5 years, amortized cost | 795 |
Available for sale, 1 to 5 years, fair value | 808 |
Available for sale, 6 to 10 years, amortized cost | 3,808 |
Available for sale, 6 to 10 years, fair value | 3,830 |
Available for sale, over 10 years, amortized cost | 9,469 |
Available for sale, over 10 years, fair value | 9,673 |
Available for sale, amortized cost | 14,181 |
Available for sale, fair value | 14,425 |
Held to maturity, under 1 year, amortized cost | 220 |
Held to maturity, under 1 year, fair value | 228 |
Held to maturity, 1 to 5 years, amortized cost | 350 |
Held to maturity, 1 to 5 years, fair value | 357 |
Held to maturity, 6 to 10 years, amortized cost | 5,104 |
Held to maturity, 6 to 10 years, fair value | 5,031 |
Held to maturity, over 10 years, amortized cost | 29,256 |
Held to maturity, over 10 years, fair value | 29,621 |
Held to maturity, amortized cost | 34,930 |
Held to maturity, fair value | 35,237 |
Total U.S. Treasury and federal agencies | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 3,320 |
Available for sale, under 1 year, fair value | 3,333 |
Available for sale, 1 to 5 years, amortized cost | 4,319 |
Available for sale, 1 to 5 years, fair value | 4,321 |
Available for sale, 6 to 10 years, amortized cost | 6,021 |
Available for sale, 6 to 10 years, fair value | 6,035 |
Available for sale, over 10 years, amortized cost | 9,469 |
Available for sale, over 10 years, fair value | 9,673 |
Available for sale, amortized cost | 23,129 |
Available for sale, fair value | 23,362 |
Held to maturity, under 1 year, amortized cost | 4,625 |
Held to maturity, under 1 year, fair value | 4,672 |
Held to maturity, 1 to 5 years, amortized cost | 1,454 |
Held to maturity, 1 to 5 years, fair value | 1,483 |
Held to maturity, 6 to 10 years, amortized cost | 5,105 |
Held to maturity, 6 to 10 years, fair value | 5,032 |
Held to maturity, over 10 years, amortized cost | 29,276 |
Held to maturity, over 10 years, fair value | 29,641 |
Held to maturity, amortized cost | 40,460 |
Held to maturity, fair value | 40,828 |
Asset-backed securities, student loans | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 123 |
Available for sale, under 1 year, fair value | 127 |
Available for sale, 1 to 5 years, amortized cost | 54 |
Available for sale, 1 to 5 years, fair value | 53 |
Available for sale, 6 to 10 years, amortized cost | 0 |
Available for sale, 6 to 10 years, fair value | 0 |
Available for sale, over 10 years, amortized cost | 106 |
Available for sale, over 10 years, fair value | 108 |
Available for sale, amortized cost | 283 |
Available for sale, fair value | 288 |
Held to maturity, under 1 year, amortized cost | 364 |
Held to maturity, under 1 year, fair value | 357 |
Held to maturity, 1 to 5 years, amortized cost | 125 |
Held to maturity, 1 to 5 years, fair value | 123 |
Held to maturity, 6 to 10 years, amortized cost | 901 |
Held to maturity, 6 to 10 years, fair value | 908 |
Held to maturity, over 10 years, amortized cost | 3,355 |
Held to maturity, over 10 years, fair value | 3,380 |
Held to maturity, amortized cost | 4,745 |
Held to maturity, fair value | 4,768 |
Asset-backed securities, credit cards | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 0 |
Available for sale, under 1 year, fair value | 0 |
Available for sale, 1 to 5 years, amortized cost | 0 |
Available for sale, 1 to 5 years, fair value | 0 |
Available for sale, 6 to 10 years, amortized cost | 90 |
Available for sale, 6 to 10 years, fair value | 91 |
Available for sale, over 10 years, amortized cost | 0 |
Available for sale, over 10 years, fair value | 0 |
Available for sale, amortized cost | 90 |
Available for sale, fair value | 91 |
Asset-backed securities, collateralized loan obligations | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 71 |
Available for sale, under 1 year, fair value | 71 |
Available for sale, 1 to 5 years, amortized cost | 961 |
Available for sale, 1 to 5 years, fair value | 963 |
Available for sale, 6 to 10 years, amortized cost | 1,398 |
Available for sale, 6 to 10 years, fair value | 1,399 |
Available for sale, over 10 years, amortized cost | 1,340 |
Available for sale, over 10 years, fair value | 1,342 |
Available for sale, amortized cost | 3,770 |
Available for sale, fair value | 3,775 |
Non-agency CMBS and RMBS | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 0 |
Available for sale, under 1 year, fair value | 0 |
Available for sale, 1 to 5 years, amortized cost | 0 |
Available for sale, 1 to 5 years, fair value | 0 |
Available for sale, 6 to 10 years, amortized cost | 0 |
Available for sale, 6 to 10 years, fair value | 0 |
Available for sale, over 10 years, amortized cost | 70 |
Available for sale, over 10 years, fair value | 71 |
Available for sale, amortized cost | 70 |
Available for sale, fair value | 71 |
Held to maturity, under 1 year, amortized cost | 135 |
Held to maturity, under 1 year, fair value | 147 |
Held to maturity, 1 to 5 years, amortized cost | 253 |
Held to maturity, 1 to 5 years, fair value | 255 |
Held to maturity, 6 to 10 years, amortized cost | 2 |
Held to maturity, 6 to 10 years, fair value | 2 |
Held to maturity, over 10 years, amortized cost | 136 |
Held to maturity, over 10 years, fair value | 153 |
Held to maturity, amortized cost | 526 |
Held to maturity, fair value | 557 |
Total asset-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 194 |
Available for sale, under 1 year, fair value | 198 |
Available for sale, 1 to 5 years, amortized cost | 1,015 |
Available for sale, 1 to 5 years, fair value | 1,016 |
Available for sale, 6 to 10 years, amortized cost | 1,488 |
Available for sale, 6 to 10 years, fair value | 1,490 |
Available for sale, over 10 years, amortized cost | 1,516 |
Available for sale, over 10 years, fair value | 1,521 |
Available for sale, amortized cost | 4,213 |
Available for sale, fair value | 4,225 |
Held to maturity, under 1 year, amortized cost | 499 |
Held to maturity, under 1 year, fair value | 504 |
Held to maturity, 1 to 5 years, amortized cost | 378 |
Held to maturity, 1 to 5 years, fair value | 378 |
Held to maturity, 6 to 10 years, amortized cost | 903 |
Held to maturity, 6 to 10 years, fair value | 910 |
Held to maturity, over 10 years, amortized cost | 3,491 |
Held to maturity, over 10 years, fair value | 3,533 |
Held to maturity, amortized cost | 5,271 |
Held to maturity, fair value | 5,325 |
Non-U.S. debt securities, mortgage-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 276 |
Available for sale, under 1 year, fair value | 277 |
Available for sale, 1 to 5 years, amortized cost | 576 |
Available for sale, 1 to 5 years, fair value | 578 |
Available for sale, 6 to 10 years, amortized cost | 49 |
Available for sale, 6 to 10 years, fair value | 50 |
Available for sale, over 10 years, amortized cost | 1,120 |
Available for sale, over 10 years, fair value | 1,127 |
Available for sale, amortized cost | 2,021 |
Available for sale, fair value | 2,032 |
Held to maturity, under 1 year, amortized cost | 84 |
Held to maturity, under 1 year, fair value | 81 |
Held to maturity, 1 to 5 years, amortized cost | 22 |
Held to maturity, 1 to 5 years, fair value | 22 |
Held to maturity, 6 to 10 years, amortized cost | 0 |
Held to maturity, 6 to 10 years, fair value | 0 |
Held to maturity, over 10 years, amortized cost | 180 |
Held to maturity, over 10 years, fair value | 250 |
Held to maturity, amortized cost | 286 |
Held to maturity, fair value | 353 |
Non-U.S. debt securities, asset-backed securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 299 |
Available for sale, under 1 year, fair value | 299 |
Available for sale, 1 to 5 years, amortized cost | 1,101 |
Available for sale, 1 to 5 years, fair value | 1,101 |
Available for sale, 6 to 10 years, amortized cost | 525 |
Available for sale, 6 to 10 years, fair value | 526 |
Available for sale, over 10 years, amortized cost | 371 |
Available for sale, over 10 years, fair value | 371 |
Available for sale, amortized cost | 2,296 |
Available for sale, fair value | 2,297 |
Non-U.S. debt securities, government securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 2,526 |
Available for sale, under 1 year, fair value | 2,527 |
Available for sale, 1 to 5 years, amortized cost | 6,736 |
Available for sale, 1 to 5 years, fair value | 6,866 |
Available for sale, 6 to 10 years, amortized cost | 453 |
Available for sale, 6 to 10 years, fair value | 458 |
Available for sale, over 10 years, amortized cost | 58 |
Available for sale, over 10 years, fair value | 59 |
Available for sale, amortized cost | 9,773 |
Available for sale, fair value | 9,910 |
Held to maturity, under 1 year, amortized cost | 246 |
Held to maturity, under 1 year, fair value | 246 |
Held to maturity, 1 to 5 years, amortized cost | 0 |
Held to maturity, 1 to 5 years, fair value | 0 |
Held to maturity, 6 to 10 years, amortized cost | 0 |
Held to maturity, 6 to 10 years, fair value | 0 |
Held to maturity, over 10 years, amortized cost | 0 |
Held to maturity, over 10 years, fair value | 0 |
Held to maturity, amortized cost | 246 |
Held to maturity, fair value | 246 |
Non-U.S. debt securities, other | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 1,823 |
Available for sale, under 1 year, fair value | 1,830 |
Available for sale, 1 to 5 years, amortized cost | 9,370 |
Available for sale, 1 to 5 years, fair value | 9,407 |
Available for sale, 6 to 10 years, amortized cost | 2,375 |
Available for sale, 6 to 10 years, fair value | 2,367 |
Available for sale, over 10 years, amortized cost | 111 |
Available for sale, over 10 years, fair value | 105 |
Available for sale, amortized cost | 13,679 |
Available for sale, fair value | 13,709 |
Total non-U.S. debt securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 4,924 |
Available for sale, under 1 year, fair value | 4,933 |
Available for sale, 1 to 5 years, amortized cost | 17,783 |
Available for sale, 1 to 5 years, fair value | 17,952 |
Available for sale, 6 to 10 years, amortized cost | 3,402 |
Available for sale, 6 to 10 years, fair value | 3,401 |
Available for sale, over 10 years, amortized cost | 1,660 |
Available for sale, over 10 years, fair value | 1,662 |
Available for sale, amortized cost | 27,769 |
Available for sale, fair value | 27,948 |
Held to maturity, under 1 year, amortized cost | 330 |
Held to maturity, under 1 year, fair value | 327 |
Held to maturity, 1 to 5 years, amortized cost | 22 |
Held to maturity, 1 to 5 years, fair value | 22 |
Held to maturity, 6 to 10 years, amortized cost | 0 |
Held to maturity, 6 to 10 years, fair value | 0 |
Held to maturity, over 10 years, amortized cost | 180 |
Held to maturity, over 10 years, fair value | 250 |
Held to maturity, amortized cost | 532 |
Held to maturity, fair value | 599 |
State and political subdivisions | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 144 |
Available for sale, under 1 year, fair value | 144 |
Available for sale, 1 to 5 years, amortized cost | 609 |
Available for sale, 1 to 5 years, fair value | 631 |
Available for sale, 6 to 10 years, amortized cost | 506 |
Available for sale, 6 to 10 years, fair value | 544 |
Available for sale, over 10 years, amortized cost | 172 |
Available for sale, over 10 years, fair value | 179 |
Available for sale, amortized cost | 1,431 |
Available for sale, fair value | 1,498 |
Other U.S. debt securities | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Available for sale, under 1 year, amortized cost | 590 |
Available for sale, under 1 year, fair value | 594 |
Available for sale, 1 to 5 years, amortized cost | 2,786 |
Available for sale, 1 to 5 years, fair value | 2,820 |
Available for sale, 6 to 10 years, amortized cost | 61 |
Available for sale, 6 to 10 years, fair value | 65 |
Available for sale, over 10 years, amortized cost | 0 |
Available for sale, over 10 years, fair value | 0 |
Available for sale, amortized cost | 3,437 |
Available for sale, fair value | 3,479 |
Total | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Held to maturity, under 1 year, amortized cost | 5,454 |
Held to maturity, under 1 year, fair value | 5,503 |
Held to maturity, 1 to 5 years, amortized cost | 1,854 |
Held to maturity, 1 to 5 years, fair value | 1,883 |
Held to maturity, 6 to 10 years, amortized cost | 6,008 |
Held to maturity, 6 to 10 years, fair value | 5,942 |
Held to maturity, over 10 years, amortized cost | 32,947 |
Held to maturity, over 10 years, fair value | 33,424 |
Held to maturity, amortized cost | 46,263 |
Held to maturity, fair value | 46,752 |
Held-to-maturity under money market mutual fund liquidity facility | |
Contractual Maturities Of Debt Investment Securities [Line Items] | |
Held to maturity, under 1 year, amortized cost | 201 |
Held to maturity, under 1 year, fair value | 201 |
Held to maturity, 1 to 5 years, amortized cost | 0 |
Held to maturity, 1 to 5 years, fair value | 0 |
Held to maturity, 6 to 10 years, amortized cost | 0 |
Held to maturity, 6 to 10 years, fair value | 0 |
Held to maturity, over 10 years, amortized cost | 0 |
Held to maturity, over 10 years, fair value | 0 |
Held to maturity, amortized cost | 201 |
Held to maturity, fair value | $ 201 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Net Loans (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | $ 31,585 | $ 27,925 |
Allowance for credit losses | (118) | (122) |
Loans, net of allowance | 31,467 | 27,803 |
Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 22,723 | 21,132 |
Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 8,862 | 6,793 |
Fund Finance | Securities Finance Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,110 | 1,911 |
Fund Finance | Municipal Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 831 | 754 |
Fund Finance | Other Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 51 | 54 |
Fund Finance | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 11,054 | 11,531 |
Fund Finance | Geographic Distribution, Domestic | 40 Act Funds | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 6,288 | 6,391 |
Fund Finance | Geographic Distribution, Domestic | Private Equity Capital Call Finance Loans | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 8,450 | 8,380 |
Fund Finance | Geographic Distribution, Domestic | Business Development | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 832 | 821 |
Fund Finance | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 4,768 | 4,432 |
Leveraged loans | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 3,103 | 2,923 |
Leveraged loans | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,109 | 1,242 |
Overdrafts | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 4,507 | 1,894 |
Overdrafts | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,956 | 1,088 |
Other | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 1,963 | 2,688 |
Other | Non-U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 29 | 31 |
Commercial real estate | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | 2,096 | 2,096 |
Commercial real estate | Geographic Distribution, Domestic | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Loans, gross | $ 2,096 | $ 2,096 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)loan_segmentloan | Mar. 31, 2020USD ($)loan | Dec. 31, 2020USD ($)loan | |
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Number of loans and leases segments | loan_segment | 2 | ||
Loans and leases pledged as collateral | $ 8,630 | $ 8,070 | |
Number of loans on non-accrual status | loan | 0 | 0 | |
Sale of loans | $ 35 | $ 93 | |
Loss on sale of loans | $ (7) | ||
Loans modified in troubled debt restructurings | loan | 0 | 0 | |
Loans no longer meeting similar risk of collective pool | loan | 9 | ||
Loans no longer meeting similar risk of collective pool, amount | $ 212 | ||
Allowance for credit loss | $ 118 | $ 122 | |
Investment grade loans | 82.00% | ||
Speculative grade loans | 17.00% | ||
Speculative senior secured loans with BB or B rating | 86.00% | ||
Allowance for credit loss, period increase (decrease) | $ 13 | $ 31 | |
Provision for credit losses | (9) | $ 36 | |
Leveraged Loans | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Sale of loans | 42 | ||
Commercial and Financial Segment | |||
Financing Receivable, Credit Quality Indicator [Line Items] | |||
Allowance for credit loss | $ 20 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Investments by Credit Quality (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | $ 31,585 | $ 27,925 |
Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 25,822 | 22,583 |
Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 5,509 | 5,224 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 111 | 67 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 127 | 34 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 16 | 17 |
Commercial and Financial Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 29,489 | 25,829 |
Commercial and Financial Segment | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 24,147 | 20,859 |
Commercial and Financial Segment | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 5,088 | 4,852 |
Commercial and Financial Segment | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 111 | 67 |
Commercial and Financial Segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 127 | 34 |
Commercial and Financial Segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 16 | 17 |
Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 2,096 | 2,096 |
Commercial Real Estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 1,675 | 1,724 |
Commercial Real Estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 421 | 372 |
Commercial Real Estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial Real Estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial Real Estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Geographic Distribution, Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 22,723 | 21,132 |
Geographic Distribution, Domestic | Commercial and Financial Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 20,627 | 19,036 |
Geographic Distribution, Domestic | Commercial and Financial Segment | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 17,139 | 15,489 |
Geographic Distribution, Domestic | Commercial and Financial Segment | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 3,274 | 3,446 |
Geographic Distribution, Domestic | Commercial and Financial Segment | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 111 | 67 |
Geographic Distribution, Domestic | Commercial and Financial Segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 103 | 34 |
Geographic Distribution, Domestic | Commercial Real Estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 2,096 | 2,096 |
Geographic Distribution, Domestic | Commercial Real Estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 1,675 | 1,723 |
Geographic Distribution, Domestic | Commercial Real Estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 421 | 373 |
Geographic Distribution, Domestic | Loans to investment funds | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 11,054 | 11,531 |
Overdrafts | $ 7,463 | $ 2,982 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Amortized Cost Basis (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | $ 8,034 | $ 3,935 |
2020 | 850 | 2,313 |
2019 | 2,200 | 1,918 |
2018 | 1,806 | 1,272 |
2017 | 1,222 | 495 |
Prior | 560 | 95 |
Revolving Loans | 16,913 | 17,897 |
Loans, gross | 31,585 | 27,925 |
Interest income | 105 | 72 |
Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 25,822 | 22,583 |
Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 5,509 | 5,224 |
Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 111 | 67 |
Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 127 | 34 |
Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 16 | 17 |
Geographic Distribution, Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 22,723 | 21,132 |
Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 8,862 | 6,793 |
Commercial and Financial Segment | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 29,489 | 25,829 |
Commercial and Financial Segment | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 24,147 | 20,859 |
Commercial and Financial Segment | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 5,088 | 4,852 |
Commercial and Financial Segment | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 111 | 67 |
Commercial and Financial Segment | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 127 | 34 |
Commercial and Financial Segment | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 16 | 17 |
Commercial and Financial Segment | Geographic Distribution, Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4,909 | 2,326 |
2020 | 496 | 1,363 |
2019 | 1,303 | 826 |
2018 | 780 | 816 |
2017 | 752 | 272 |
Prior | 271 | 0 |
Revolving Loans | 12,116 | 13,433 |
Loans, gross | 20,627 | 19,036 |
Commercial and Financial Segment | Geographic Distribution, Domestic | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 4,563 | 1,894 |
2020 | 58 | 388 |
2019 | 385 | 4 |
2018 | 4 | 167 |
2017 | 162 | 200 |
Prior | 200 | 0 |
Revolving Loans | 11,767 | 12,836 |
Loans, gross | 17,139 | 15,489 |
Commercial and Financial Segment | Geographic Distribution, Domestic | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 346 | 432 |
2020 | 438 | 942 |
2019 | 822 | 822 |
2018 | 721 | 610 |
2017 | 556 | 43 |
Prior | 42 | 0 |
Revolving Loans | 349 | 597 |
Loans, gross | 3,274 | 3,446 |
Commercial and Financial Segment | Geographic Distribution, Domestic | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 28 |
2019 | 48 | 0 |
2018 | 29 | 39 |
2017 | 34 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross | 111 | 67 |
Commercial and Financial Segment | Geographic Distribution, Domestic | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 5 |
2019 | 48 | 0 |
2018 | 26 | 0 |
2017 | 0 | 29 |
Prior | 29 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross | 103 | 34 |
Commercial and Financial Segment | Non-U.S. | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 3,005 | 1,311 |
2020 | 176 | 401 |
2019 | 348 | 346 |
2018 | 280 | 179 |
2017 | 193 | 26 |
Prior | 63 | 66 |
Revolving Loans | 4,797 | 4,464 |
Loans, gross | 8,862 | 6,793 |
Commercial and Financial Segment | Non-U.S. | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 2,275 | 1,028 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 0 |
2017 | 0 | 0 |
Prior | 0 | 0 |
Revolving Loans | 4,733 | 4,343 |
Loans, gross | 7,008 | 5,371 |
Commercial and Financial Segment | Non-U.S. | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 730 | 283 |
2020 | 176 | 401 |
2019 | 348 | 346 |
2018 | 256 | 162 |
2017 | 177 | 26 |
Prior | 63 | 66 |
Revolving Loans | 64 | 121 |
Loans, gross | 1,814 | 1,405 |
Commercial and Financial Segment | Non-U.S. | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | |
2020 | 0 | |
2019 | 0 | |
2018 | 24 | |
2017 | 0 | |
Prior | 0 | |
Revolving Loans | 0 | |
Loans, gross | 24 | |
Commercial and Financial Segment | Non-U.S. | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 0 |
2020 | 0 | 0 |
2019 | 0 | 0 |
2018 | 0 | 17 |
2017 | 16 | 0 |
Prior | 0 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross | 16 | 17 |
Commercial real estate | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 2,096 | 2,096 |
Commercial real estate | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 1,675 | 1,724 |
Commercial real estate | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 421 | 372 |
Commercial real estate | Special mention | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial real estate | Substandard | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial real estate | Doubtful | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
Loans, gross | 0 | 0 |
Commercial real estate | Geographic Distribution, Domestic | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 120 | 298 |
2020 | 178 | 549 |
2019 | 549 | 746 |
2018 | 746 | 277 |
2017 | 277 | 197 |
Prior | 226 | 29 |
Revolving Loans | 0 | 0 |
Loans, gross | 2,096 | 2,096 |
Commercial real estate | Geographic Distribution, Domestic | Investment grade | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 0 | 178 |
2020 | 129 | 383 |
2019 | 383 | 688 |
2018 | 689 | 277 |
2017 | 277 | 197 |
Prior | 197 | 0 |
Revolving Loans | 0 | 0 |
Loans, gross | 1,675 | 1,723 |
Commercial real estate | Geographic Distribution, Domestic | Speculative | ||
Financing Receivable, Credit Quality Indicator [Line Items] | ||
2021 | 120 | 120 |
2020 | 49 | 166 |
2019 | 166 | 58 |
2018 | 57 | 0 |
2017 | 0 | 0 |
Prior | 29 | 29 |
Revolving Loans | 0 | 0 |
Loans, gross | $ 421 | $ 373 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Activity in the Allowance for Credit Losses for Loans Held for Investment (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 122 | |
Provision | (9) | $ 36 |
Ending balance | 118 | |
Leveraged Loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 97 | 61 |
Charge-offs | 0 | (5) |
Provision | (1) | 27 |
Currency translation | 4 | |
Ending balance | 92 | 83 |
Other Loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 17 | 10 |
Charge-offs | 0 | 0 |
Provision | (5) | 0 |
Currency translation | 0 | |
Ending balance | 12 | 10 |
Other Loans | Fund Finance | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Ending balance | 10 | |
Other Loans | Other Loans | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Ending balance | 2 | |
Commercial Real Estate | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 8 | 2 |
Charge-offs | 0 | 0 |
Provision | 6 | 2 |
Currency translation | 0 | |
Ending balance | 14 | 4 |
Held-to-Maturity Securities | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 3 | 0 |
Charge-offs | 0 | 0 |
Provision | (1) | 4 |
Currency translation | 0 | |
Ending balance | 2 | 4 |
Off Balance Sheet Commitments | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 22 | 19 |
Charge-offs | 0 | 0 |
Provision | (7) | 3 |
Currency translation | 0 | |
Ending balance | 15 | 22 |
All Other | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 1 | 1 |
Charge-offs | 0 | 0 |
Provision | (1) | 0 |
Currency translation | 0 | |
Ending balance | 0 | 1 |
Total Credit Reserve | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 148 | 93 |
Charge-offs | 0 | (5) |
Provision | (9) | 36 |
Currency translation | 4 | |
Ending balance | $ 135 | $ 124 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Goodwill (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($) | |
Goodwill [Roll Forward] | |||
Beginning balance | $ 7,683 | $ 7,556 | |
Foreign currency translation | (57) | 127 | |
Acquisitions | 3 | ||
Ending balance | 7,629 | 7,683 | |
Investment Servicing | |||
Goodwill [Roll Forward] | |||
Beginning balance | 7,413 | 7,289 | |
Foreign currency translation | (56) | 124 | |
Acquisitions | 3 | ||
Ending balance | 7,360 | 7,413 | |
Investment Servicing | Fideuram Bank Luxembour | |||
Goodwill [Roll Forward] | |||
Payments for acquisition | 258 | € 220 | |
Investment Management | |||
Goodwill [Roll Forward] | |||
Beginning balance | 270 | 267 | |
Foreign currency translation | (1) | 3 | |
Acquisitions | 0 | ||
Ending balance | $ 269 | $ 270 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Changes In The Carrying Amount Of Other Intangible Assets (Details) € in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021USD ($) | Mar. 31, 2021EUR (€) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | |
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | $ 1,827 | $ 2,030 | $ 2,030 | |
Amortization | (58) | (58) | (234) | |
Foreign currency translation | (15) | 31 | ||
Acquisitions | 253 | |||
Ending balance | 2,007 | 1,827 | ||
Investment Servicing | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | 1,733 | 1,908 | 1,908 | |
Amortization | (52) | (206) | ||
Foreign currency translation | (15) | 31 | ||
Acquisitions | 253 | |||
Ending balance | 1,919 | 1,733 | ||
Investment Servicing | Fideuram Bank Luxembour | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Payments for acquisition | 258 | € 220 | ||
Investment Management | ||||
Finite-lived Intangible Assets [Roll Forward] | ||||
Beginning balance | 94 | $ 122 | 122 | |
Amortization | (6) | (28) | ||
Foreign currency translation | 0 | 0 | ||
Acquisitions | 0 | |||
Ending balance | $ 88 | $ 94 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Gross Carrying Amount, Accumulated Amortization And Net Carrying Amount Of Other Intangible Assets (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | $ 4,016 | $ 3,894 | |
Accumulated Amortization | (2,009) | (2,067) | |
Net Carrying Amount | 2,007 | 1,827 | $ 2,030 |
Client relationships | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 2,827 | 2,704 | |
Accumulated Amortization | (1,387) | (1,450) | |
Net Carrying Amount | 1,440 | 1,254 | |
Technology | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 386 | 393 | |
Accumulated Amortization | (115) | (113) | |
Net Carrying Amount | 271 | 280 | |
Core deposits | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 699 | 690 | |
Accumulated Amortization | (429) | (425) | |
Net Carrying Amount | 270 | 265 | |
Other | |||
Finite-Lived Intangible Assets [Line Items] | |||
Gross Carrying Amount | 104 | 107 | |
Accumulated Amortization | (78) | (79) | |
Net Carrying Amount | $ 26 | $ 28 |
Other Assets (Details)
Other Assets (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Other Assets [Abstract] | ||
Securities borrowed | $ 24,773 | $ 18,330 |
Derivative instruments, net | 8,170 | 5,804 |
Bank-owned life insurance | 3,502 | 3,479 |
Investments in joint ventures and other unconsolidated entities | 3,027 | 3,095 |
Collateral, net | 1,639 | 2,713 |
Receivable for securities settlement | 1,110 | 117 |
Right-of-use assets | 632 | 720 |
Accounts receivable | 468 | 379 |
Prepaid expenses | 461 | 383 |
Income tax receivable | 300 | 367 |
Deferred tax assets, net of valuation allowance | 221 | 233 |
Deposits with clearing organizations | 58 | 58 |
Other | 872 | 832 |
Total | $ 45,233 | $ 36,510 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Dec. 31, 2020 | |
Derivative [Line Items] | ||
Fair value of derivative liabilities | $ 22,261 | $ 26,126 |
Interest rate swap | Fair Value Hedges | ||
Derivative [Line Items] | ||
Notional amount of derivative instruments | 2,610 | $ 2,600 |
Credit swap agreements | ||
Derivative [Line Items] | ||
Fair value of derivative liabilities | 5,150 | |
Cash collateral provided for derivative instruments | 3,660 | |
Maximum additional amount of payments related to termination events | $ 1,490 | |
Floating-rate loans | ||
Derivative [Line Items] | ||
Term of debt instrument | 3 years 4 months 24 days |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Outstanding Hedges: (Notional Amount) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives not designated as hedging instruments | Interest rate contracts | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | $ 3,238 | $ 2,842 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Futures | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 2,639 | 1,980 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Forward, swap and spot | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 2,735,180 | 2,640,989 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options purchased | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 1,333 | 946 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Options written | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 380 | 661 |
Derivatives not designated as hedging instruments | Other derivative contracts | Stable value contracts | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 32,654 | 32,359 |
Derivatives not designated as hedging instruments | Other derivative contracts | Deferred value awards | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 443 | 332 |
Derivatives designated as hedging instruments | Interest rate contracts | Swap agreements | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | 7,459 | 7,449 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Forward and swap | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative instruments | $ 6,055 | $ 5,221 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Schedule of The Fair Values of Derivative Financial Instruments (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | $ 21,899 | $ 25,944 |
Fair value of derivative liabilities | 22,261 | 26,126 |
Foreign exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 21,898 | 25,943 |
Fair value of derivative liabilities | 22,045 | 25,927 |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1 | 1 |
Fair value of derivative liabilities | 35 | 42 |
Derivatives not designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 21,776 | 25,939 |
Derivatives not designated as hedging instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 22,225 | 25,968 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 21,776 | 25,939 |
Derivatives not designated as hedging instruments | Foreign exchange contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 22,044 | 25,811 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 0 | 0 |
Derivatives not designated as hedging instruments | Other derivative contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 181 | 157 |
Derivatives designated as hedging instruments | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 123 | 5 |
Derivatives designated as hedging instruments | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 36 | 158 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 122 | 4 |
Derivatives designated as hedging instruments | Foreign exchange contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | 1 | 116 |
Derivatives designated as hedging instruments | Interest rate contracts | Other Assets | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative assets | 1 | 1 |
Derivatives designated as hedging instruments | Interest rate contracts | Other Liabilities | ||
Derivatives, Fair Value [Line Items] | ||
Fair value of derivative liabilities | $ 35 | $ 42 |
Derivative Financial Instrume_6
Derivative Financial Instruments - Impact of Derivatives on Consolidated Statement of Income (Details) - Derivatives not designated as hedging instruments - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Amount of gain (loss) on derivative recognized in income | $ 184 | $ 271 |
Foreign exchange contracts | Foreign exchange trading services | ||
Derivative [Line Items] | ||
Amount of gain (loss) on derivative recognized in income | 242 | 333 |
Foreign exchange contracts | Interest expense | ||
Derivative [Line Items] | ||
Amount of gain (loss) on derivative recognized in income | 21 | 2 |
Interest rate contracts | Foreign exchange trading services | ||
Derivative [Line Items] | ||
Amount of gain (loss) on derivative recognized in income | 0 | 3 |
Other derivative contracts | Compensation and employee benefits | ||
Derivative [Line Items] | ||
Amount of gain (loss) on derivative recognized in income | $ (79) | $ (67) |
Derivative Financial Instrume_7
Derivative Financial Instruments - Carrying Amount and Cumulative Basis Adjustments for Hedge Accounting (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Hedged Items Currently Designated | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Assets | $ 9,771 | $ 10,519 |
Cumulative Hedge Accounting Basis Adjustments | 0 | 3 |
Hedged Items Currently Designated | Investment securities available-for-sale | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Carrying Amount of Assets | 2,814 | 2,330 |
Cumulative Hedge Accounting Basis Adjustments | (8) | 2 |
Hedged Items No Longer Designated | Long-term debt | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative Hedge Accounting Basis Adjustments | 636 | 688 |
Hedged Items No Longer Designated | Investment securities available-for-sale | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Cumulative Hedge Accounting Basis Adjustments | $ 37 | $ 43 |
Derivative Financial Instrume_8
Derivative Financial Instruments - Impact on Derivatives and Hedged Items on Consolidated Statement of Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | $ 4 | $ 536 |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | (5) | (525) |
Net unrealized gains (losses) on available-for-sale securities designated in fair value hedges, net of related taxes | 12 | (7) |
Investment securities available-for-sale | Net interest income | Interest rate contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | 16 | (11) |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | (16) | 10 |
Long-term debt | Net interest income | Interest rate contracts | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount of Gain (Loss) on Derivative Recognized in Consolidated Statement of Income | (12) | 547 |
Amount of Gain (Loss) on Hedged Item Recognized in Consolidated Statement of Income | $ 11 | $ (535) |
Derivative Financial Instrume_9
Derivative Financial Instruments - Schedule of Differences Between the Gains (Losses) on the Derivative and The Gains (Losses) on the Hedged Item (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Derivative [Line Items] | ||
Gain (loss) on derivative recognized in OCI, cash flow hedge | $ 20 | $ 168 |
Gain (loss) on derivative recognized in OCI, net investment hedge | 135 | 108 |
Amount of Gain or (Loss) Recognized in Other Comprehensive Income on Derivative | 155 | 276 |
Gain (loss) on hedges reclassified to income, cash flow hedge | 21 | 7 |
Gain (loss) on hedges reclassified to income, net investment hedge | 0 | 0 |
Amount of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income | $ 21 | 7 |
Floating-rate loans | ||
Derivative [Line Items] | ||
Term of debt instrument | 3 years 4 months 24 days | |
Interest rate contracts | ||
Derivative [Line Items] | ||
Gain (loss) on derivative recognized in OCI, cash flow hedge | $ (16) | 158 |
Interest rate contracts | Net interest revenue | ||
Derivative [Line Items] | ||
Gain (loss) on hedges reclassified to income, cash flow hedge | 18 | 0 |
Foreign exchange contracts | ||
Derivative [Line Items] | ||
Gain (loss) on derivative recognized in OCI, cash flow hedge | 36 | 10 |
Gain (loss) on derivative recognized in OCI, net investment hedge | 135 | 108 |
Foreign exchange contracts | Net interest revenue | ||
Derivative [Line Items] | ||
Gain (loss) on hedges reclassified to income, cash flow hedge | 3 | 7 |
Foreign exchange contracts | Gains (Losses) related to investment securities, net | ||
Derivative [Line Items] | ||
Gain (loss) on hedges reclassified to income, net investment hedge | $ 0 | $ 0 |
Offsetting Arrangements - Narra
Offsetting Arrangements - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting [Abstract] | ||
Fair Value of securities received as collateral that can be resold or repledged | $ 9,940,000 | $ 6,480,000 |
Fair Value of securities received as collateral that have been resold or repledged | $ 2,890,000 | $ 3,880,000 |
Offsetting Arrangements - Asset
Offsetting Arrangements - Assets With Offsetting Arrangements (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | $ 21,899 | $ 25,944 |
Derivatives, Gross Amounts Offset in Statement of Condition | (13,729) | (20,140) |
Derivatives, Net Amounts of Assets Presented in Statement of Condition | 8,170 | 5,804 |
Derivatives, Net Amount | 6,996 | 4,699 |
Derivatives, Cash collateral and securities netting, cash offset | (1,805) | (5,869) |
Derivatives, Cash collateral and securities netting, Cash and Securities Received | (1,174) | (1,105) |
Derivatives, Cash collateral and securities netting, Net Amount | (2,979) | (6,974) |
Resale agreements and securities borrowing, Gross Amounts of Recognized Assets | 144,230 | 174,461 |
Resale agreements and securities borrowing, Gross Amounts Offset in Statement of Condition | 114,219 | 153,025 |
Resale agreements and securities borrowing, Net Amounts of Assets Presented in Statement of Condition | 30,011 | 21,436 |
Resale agreements and securities borrowing, Cash and Securities Received | (29,672) | (20,568) |
Resale agreements and securities borrowing, Net Amount | 339 | 868 |
Total derivatives and other financial instruments, Gross Amounts of Recognized Assets | 166,129 | 200,405 |
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition | (127,948) | (173,165) |
Total derivatives and other financial instruments, Net Amounts of Assets Presented in Statement of Condition | 38,181 | 27,240 |
Total derivatives and other financial instruments, Cash and Securities Received | (30,846) | (21,673) |
Total derivatives and other financial instruments, Net Amount | 7,335 | 5,567 |
Securities purchased under resale agreements | 5,238 | 3,106 |
Cash collateral provided for securities borrowing | 24,770 | 18,330 |
Foreign exchange contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 21,898 | 25,943 |
Derivatives, Gross Amounts Offset in Statement of Condition | (11,923) | (14,271) |
Derivatives, Net Amounts of Assets Presented in Statement of Condition | 9,975 | 11,672 |
Derivatives, Net Amount | 9,975 | 11,672 |
Interest rate contracts | ||
Offsetting Assets [Line Items] | ||
Derivatives, Gross Amounts of Recognized Assets | 1 | 1 |
Derivatives, Gross Amounts Offset in Statement of Condition | (1) | 0 |
Derivatives, Net Amounts of Assets Presented in Statement of Condition | 0 | 1 |
Derivatives, Net Amount | $ 0 | $ 1 |
Offsetting Arrangements - Liabi
Offsetting Arrangements - Liabilities With Offsetting Arrangements (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | $ 22,261 | $ 26,126 |
Derivatives, Gross amounts offset in statement of condition | (15,534) | (15,558) |
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition | 6,727 | 10,568 |
Derivative, Net Amount | 5,075 | 8,836 |
Derivative liability, collateral, cash offset | (3,610) | (1,287) |
Derivatives, Cash and collateral securities netting, Cash and Securities Provided | (1,652) | (1,732) |
Derivatives, Cash and collateral securities netting, Net | (5,262) | (3,019) |
Resale agreements and securities lending, Gross Amounts of Recognized Liabilities | 128,605 | 165,793 |
Resale agreements and securities lending, Gross Amounts Offset in Statement of Condition | (114,220) | (153,025) |
Resale agreements and securities lending, Net Amounts of Liabilities Presented in Statement of Condition | 14,385 | 12,768 |
Resale agreements and securities lending, Cash and Securities Provided | (13,815) | (12,448) |
Resale agreements and securities lending, Net Amount | 570 | 320 |
Total derivatives and other financial instruments, Gross Amounts of Recognized Liabilities | 150,866 | 191,919 |
Total derivatives and other financial instruments, Gross Amounts Offset in Statement of Condition | (129,754) | (168,583) |
Total derivatives and other financial instruments, Net Amounts of Liabilities Presented in Statement of Condition | 21,112 | 23,336 |
Total derivatives and other financial instruments, Cash and Securities Provided | (15,467) | (14,180) |
Total derivatives and other financial instruments, Net Amount | 5,645 | 9,156 |
Securities sold under repurchase agreements | 587 | 3,413 |
Foreign exchange contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | 22,045 | 25,927 |
Derivatives, Gross amounts offset in statement of condition | (11,923) | (14,271) |
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition | 10,122 | 11,656 |
Derivative, Net Amount | 10,122 | 11,656 |
Interest rate contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | 35 | 42 |
Derivatives, Gross amounts offset in statement of condition | (1) | 0 |
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition | 34 | 42 |
Derivative, Net Amount | 34 | 42 |
Other derivative contracts | ||
Offsetting Liabilities [Line Items] | ||
Derivatives, Gross amounts of recognized liabilities | 181 | 157 |
Derivatives, Gross amounts offset in statement of condition | 0 | 0 |
Derivatives, Net Amounts of Liabilities Presented in Statement of Condition | 181 | 157 |
Derivative, Net Amount | 181 | 157 |
Accrued expenses and other liabilities | ||
Offsetting Liabilities [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 13,800 | $ 9,360 |
Offsetting Arrangements - Repo,
Offsetting Arrangements - Repo, Sec Lending Transactions Maturity By Category (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | $ 110,960 | $ 152,140 |
Securities lending transactions | 17,645 | 13,653 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 128,605 | 165,793 |
U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 110,960 | 152,140 |
Securities lending transactions | 2 | 0 |
Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 96 | 110 |
Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 10,790 | 8,790 |
Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 6,757 | 4,753 |
Overnight and Continuous | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 110,960 | 152,140 |
Securities lending transactions | 16,163 | 12,441 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 127,123 | 164,581 |
Overnight and Continuous | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 110,960 | 152,140 |
Securities lending transactions | 2 | 0 |
Overnight and Continuous | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 96 | 110 |
Overnight and Continuous | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 9,308 | 7,578 |
Overnight and Continuous | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 6,757 | 4,753 |
Up to 30 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 38 | 56 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 38 | 56 |
Up to 30 Days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 0 | 0 |
Up to 30 Days | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 0 | 0 |
Up to 30 Days | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 38 | 56 |
Up to 30 Days | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 0 | 0 |
Greater than 90 Days | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 1,444 | 1,156 |
Gross amount of recognized liabilities for repurchase agreements and securities lending | 1,444 | 1,156 |
Greater than 90 Days | U.S. Treasury and agency securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Repurchase agreements | 0 | 0 |
Securities lending transactions | 0 | 0 |
Greater than 90 Days | Corporate debt securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 0 | 0 |
Greater than 90 Days | Equity securities | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | 1,444 | 1,156 |
Greater than 90 Days | Other | ||
Assets Sold under Agreements to Repurchase [Line Items] | ||
Securities lending transactions | $ 0 | $ 0 |
Commitments and Guarantees - Co
Commitments and Guarantees - Contractual Amounts of Credit-Related Off-Balance Sheet Financial Instruments (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Unfunded credit facilities | $ 34,114 | $ 34,213 |
Indemnified securities financing | 436,039 | 440,875 |
Standby letters of credit | $ 3,502 | $ 3,330 |
Unfunded commitments to extend credit, short term | 72.00% | 73.00% |
Term of unfunded commitment | 1 year |
Commitments and Guarantees - Sc
Commitments and Guarantees - Schedule Of Repurchase Agreements (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
Fair value of indemnified securities financing | $ 436,039 | $ 440,875 |
Fair value of cash and securities held by us, as agent, as collateral for indemnified securities financing | 457,367 | 463,273 |
Fair value of collateral for indemnified securities financing invested in indemnified repurchase agreements | 59,308 | 54,432 |
Fair value of cash and securities held by us or our agents as collateral for investments in indemnified repurchase agreements | $ 64,146 | $ 58,092 |
Commitments and Guarantees - Na
Commitments and Guarantees - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Loss Contingencies [Line Items] | ||
Cash collateral provided for securities lending | $ 24,770 | $ 18,330 |
Accrued expenses and other liabilities | ||
Loss Contingencies [Line Items] | ||
Cash collateral received in connection to securities finance activities | $ 13,800 | $ 9,360 |
Contingencies (Details)
Contingencies (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Jun. 30, 2019 | Mar. 31, 2017 | Mar. 31, 2021 | Dec. 31, 2020 | |
Loss Contingencies [Line Items] | ||||
Accrual of loss contingency | $ 146 | |||
Estimate of possible loss | 40 | |||
Payments for settlements | $ 48.8 | |||
Unrecognized tax benefits | 310 | $ 308 | ||
Invoicing Matter | ||||
Loss Contingencies [Line Items] | ||||
Amount awarded to other party | $ 5.5 | $ 40 | ||
Legal Reserve | Invoicing Matter | ||||
Loss Contingencies [Line Items] | ||||
Estimate of possible loss | $ 370 |
Variable Interest Entities (Det
Variable Interest Entities (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Variable Interest Entity [Line Items] | |||
Variable interest entity, other short-term borrowings | $ 610 | $ 620 | |
Weighted average life of trusts | 2 years 4 months 24 days | 2 years 8 months 12 days | |
Assets | $ 316,885 | 314,706 | |
Liabilities | 291,880 | 288,506 | |
VIE - primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Assets | 13 | 17 | |
Liabilities | 0 | 4 | |
Potential maximum loss exposure of unconsolidated funds | 13 | ||
VIE - not primary beneficiary | |||
Variable Interest Entity [Line Items] | |||
Potential maximum loss exposure of unconsolidated funds | 22 | ||
State and political subdivisions, securities in trusts | |||
Variable Interest Entity [Line Items] | |||
Investment securities related to state and political subdivisions | $ 700 | $ 700 |
Shareholders' Equity - Schedule
Shareholders' Equity - Schedule of Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | ||||||
Sep. 30, 2018 | Apr. 30, 2016 | May 31, 2015 | Feb. 28, 2014 | Mar. 31, 2021 | Mar. 15, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Series D Preferred Stock, Depository Share | ||||||||
Class of Stock [Line Items] | ||||||||
Depositary shares issued (shares) | 30,000,000 | |||||||
Liquidation preference per share (USD per share) | $ 25 | |||||||
Series D Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership Interest Per Depositary Share | 0.025% | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||
Per annum dividend rate | 5.90% | |||||||
Preferred stock | $ 742 | $ 742 | ||||||
Series F Preferred Stock, Depository Share | ||||||||
Class of Stock [Line Items] | ||||||||
Depositary shares issued (shares) | 250,000 | |||||||
Liquidation preference per share (USD per share) | $ 1,000 | $ 1,000 | ||||||
Series F Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership Interest Per Depositary Share | 1.00% | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | $ 100,000 | ||||||
Per annum dividend rate | 5.25% | |||||||
Preferred stock | $ 247 | 742 | ||||||
Series G Preferred Stock, Depository Share | ||||||||
Class of Stock [Line Items] | ||||||||
Depositary shares issued (shares) | 20,000,000 | |||||||
Liquidation preference per share (USD per share) | $ 25 | |||||||
Series G Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership Interest Per Depositary Share | 0.025% | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||
Per annum dividend rate | 5.35% | |||||||
Preferred stock | $ 493 | 493 | ||||||
Series H Preferred Stock, Depository Share | ||||||||
Class of Stock [Line Items] | ||||||||
Depositary shares issued (shares) | 500,000 | |||||||
Liquidation preference per share (USD per share) | $ 1,000 | |||||||
Series H Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Ownership Interest Per Depositary Share | 1.00% | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | |||||||
Per annum dividend rate | 5.625% | |||||||
Preferred stock | $ 494 | $ 494 | ||||||
London Interbank Offered Rate (LIBOR) | Series D Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Per annum dividend rate, basis spread on variable rate | 3.108% | |||||||
London Interbank Offered Rate (LIBOR) | Series F Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Per annum dividend rate, basis spread on variable rate | 3.597% | |||||||
London Interbank Offered Rate (LIBOR) | Series G Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Per annum dividend rate, basis spread on variable rate | 3.709% | |||||||
London Interbank Offered Rate (LIBOR) | Series H Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Per annum dividend rate, basis spread on variable rate | 2.539% |
Shareholders' Equity - Preferre
Shareholders' Equity - Preferred Stock (Details) - USD ($) $ / shares in Units, $ in Millions | Apr. 01, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 15, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Apr. 30, 2016 | May 31, 2015 | Feb. 28, 2014 |
Class of Stock [Line Items] | |||||||||
Preferred stock cash dividend | $ 25 | $ 44 | |||||||
Series F Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Redemption price | $ 500 | ||||||||
Preferred shares to be redeemed (in shares) | 5,000 | ||||||||
Preferred stock, shares outstanding (in shares) | 2,500 | 7,500 | 2,500 | ||||||
Liquidation preference per share (USD per share) | $ 100,000 | $ 100,000 | |||||||
Preferred dividends declared (USD per share) | $ 953 | $ 2,625 | |||||||
Preferred stock cash dividend | $ 7 | $ 20 | |||||||
Series F Preferred Stock | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 966 | ||||||||
Preferred stock cash dividend | $ 2 | ||||||||
Series F Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Liquidation preference per share (USD per share) | $ 1,000 | $ 1,000 | |||||||
Preferred dividends declared (USD per share) | $ 9.53 | $ 26.25 | |||||||
Series F Preferred Stock, Depository Share | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 9.66 | ||||||||
Series D Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares outstanding (in shares) | 7,500 | 7,500 | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | ||||||||
Preferred dividends declared (USD per share) | $ 1,475 | $ 1,475 | |||||||
Preferred stock cash dividend | $ 11 | $ 11 | |||||||
Series D Preferred Stock | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 1,475 | ||||||||
Preferred stock cash dividend | $ 11 | ||||||||
Series D Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Liquidation preference per share (USD per share) | $ 25 | ||||||||
Preferred dividends declared (USD per share) | $ 0.37 | $ 0.37 | |||||||
Series D Preferred Stock, Depository Share | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 0.37 | ||||||||
Series G Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | ||||||||
Preferred dividends declared (USD per share) | $ 1,338 | $ 1,338,000,000 | |||||||
Preferred stock cash dividend | $ 7 | $ 7 | |||||||
Series G Preferred Stock | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 1,338 | ||||||||
Preferred stock cash dividend | $ 7 | ||||||||
Series G Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Liquidation preference per share (USD per share) | $ 25 | ||||||||
Preferred dividends declared (USD per share) | $ 0.33 | $ 0.33 | |||||||
Series G Preferred Stock, Depository Share | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 0.33 | ||||||||
Series H Preferred Stock | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred stock, shares outstanding (in shares) | 5,000 | 5,000 | |||||||
Liquidation preference per share (USD per share) | $ 100,000 | ||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 0 | |||||||
Preferred stock cash dividend | $ 0 | $ 0 | |||||||
Series H Preferred Stock | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 2,813 | ||||||||
Preferred stock cash dividend | $ 14 | ||||||||
Series H Preferred Stock, Depository Share | |||||||||
Class of Stock [Line Items] | |||||||||
Liquidation preference per share (USD per share) | $ 1,000 | ||||||||
Preferred dividends declared (USD per share) | $ 0 | $ 0 | |||||||
Series H Preferred Stock, Depository Share | Subsequent Event | |||||||||
Class of Stock [Line Items] | |||||||||
Preferred dividends declared (USD per share) | $ 28.13 |
Shareholders' Equity - Schedu_2
Shareholders' Equity - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Dividends Payable [Line Items] | ||
Preferred stock cash dividend | $ 25 | $ 44 |
Series C Preferred Stock | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 0 | $ 1,313 |
Preferred stock cash dividend | $ 0 | $ 6 |
Series C Preferred Stock, Depository Share | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 0 | $ 0.33 |
Series D Preferred Stock | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 1,475 | $ 1,475 |
Preferred stock cash dividend | $ 11 | $ 11 |
Series D Preferred Stock, Depository Share | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 0.37 | $ 0.37 |
Series F Preferred Stock | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 953 | $ 2,625 |
Preferred stock cash dividend | $ 7 | $ 20 |
Series F Preferred Stock, Depository Share | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 9.53 | $ 26.25 |
Series G Preferred Stock | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 1,338 | $ 1,338,000,000 |
Preferred stock cash dividend | $ 7 | $ 7 |
Series G Preferred Stock, Depository Share | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 0.33 | $ 0.33 |
Series H Preferred Stock | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 0 | $ 0 |
Preferred stock cash dividend | $ 0 | $ 0 |
Series H Preferred Stock, Depository Share | ||
Dividends Payable [Line Items] | ||
Preferred dividends declared (USD per share) | $ 0 | $ 0 |
Shareholders' Equity - Common S
Shareholders' Equity - Common Stock (Details) - USD ($) | 3 Months Ended | ||||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Apr. 01, 2021 | Jan. 31, 2021 | Jun. 30, 2019 | |
Equity, Class of Treasury Stock [Line Items] | |||||||
Amount of common stock authorized for repurchase | $ 475,000,000 | $ 2,000,000,000 | |||||
Subsequent Event | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Amount of common stock authorized for repurchase | $ 425,000,000 | ||||||
2019 Program | |||||||
Equity, Class of Treasury Stock [Line Items] | |||||||
Common stock repurchased | $ 475,000,000 | $ 500,000,000 | $ 500,000,000 | $ 500,000,000 |
Shareholders' Equity - Schedu_3
Shareholders' Equity - Schedule of Common Stock (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | |
Equity, Class of Treasury Stock [Line Items] | ||||
Cash dividends declared (in USD per share) | $ 0.52 | $ 0.52 | ||
Total (In millions) | $ 182 | $ 183 | ||
2019 Program | ||||
Equity, Class of Treasury Stock [Line Items] | ||||
Shares Acquired (in shares) | 6.2 | 6.5 | ||
Average Cost per Share (USD per share) | $ 76.21 | $ 77.35 | ||
Total Acquired | $ 475 | $ 500 | $ 500 | $ 500 |
Shareholders' Equity - Schedu_4
Shareholders' Equity - Schedule of Accumulated Other Comprehensive (Loss) Income (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Equity [Abstract] | |||
Net unrealized gains (losses) on cash flow hedges | $ 57 | $ 47 | |
Net unrealized gains (losses) on available-for-sale securities portfolio | 502 | 556 | |
Net unrealized gains (losses) related to reclassified available-for-sale securities | (46) | 23 | |
Net unrealized gains (losses) on available-for-sale securities | 456 | 579 | |
Net unrealized (losses) on available-for-sale securities designated in fair value hedges | (21) | (43) | |
Net unrealized gains (losses) on hedges of net investments in non-U.S. subsidiaries | (69) | 154 | |
Other-than-temporary impairment on held-to-maturity securities related to factors other than credit | (2) | (2) | |
Net unrealized (losses) on retirement plans | (170) | (175) | |
Foreign currency translation | (669) | (1,480) | |
Total | $ (418) | $ 187 | $ (920) |
Shareholders' Equity - Accumula
Shareholders' Equity - Accumulated Other Comprehensive Income by Component (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | $ 26,200 | $ 24,431 |
Other comprehensive income (loss) before reclassifications | (628) | (62) |
Amounts reclassified into (out of) earnings | 23 | 18 |
Other comprehensive income (loss) | (605) | (44) |
Ending balance | 25,005 | 23,861 |
Accumulated Other Comprehensive Income (Loss) | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 187 | (876) |
Other comprehensive income (loss) | (605) | (44) |
Ending balance | (418) | (920) |
Net Unrealized Gains (Losses) on Cash Flow Hedges | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 57 | (70) |
Other comprehensive income (loss) before reclassifications | (15) | 112 |
Amounts reclassified into (out of) earnings | 15 | 5 |
Other comprehensive income (loss) | 0 | 117 |
Ending balance | 57 | 47 |
Net Unrealized Gains (Losses) on Available-for-Sale Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | 848 | 409 |
Other comprehensive income (loss) before reclassifications | (413) | 126 |
Amounts reclassified into (out of) earnings | 0 | 1 |
Other comprehensive income (loss) | (413) | 127 |
Ending balance | 435 | 536 |
Net Unrealized Losses on Hedges of Net Investments in Non-U.S. Subsidiaries | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (204) | 46 |
Other comprehensive income (loss) before reclassifications | 135 | 108 |
Amounts reclassified into (out of) earnings | 0 | 0 |
Other comprehensive income (loss) | 135 | 108 |
Ending balance | (69) | 154 |
Other-Than-Temporary Impairment on Held-to-Maturity Securities | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (2) | (2) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified into (out of) earnings | 0 | 0 |
Other comprehensive income (loss) | 0 | 0 |
Ending balance | (2) | (2) |
Net Unrealized Losses on Retirement Plans | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (178) | (187) |
Other comprehensive income (loss) before reclassifications | 0 | 0 |
Amounts reclassified into (out of) earnings | 8 | 12 |
Other comprehensive income (loss) | 8 | 12 |
Ending balance | (170) | (175) |
Foreign Currency Translation | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Beginning balance | (334) | (1,072) |
Other comprehensive income (loss) before reclassifications | (335) | (408) |
Amounts reclassified into (out of) earnings | 0 | 0 |
Other comprehensive income (loss) | (335) | (408) |
Ending balance | $ (669) | $ (1,480) |
Shareholders' Equity - Adjustme
Shareholders' Equity - Adjustments to Accumulated Other Comprehensive Income (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Class of Stock [Line Items] | ||
Gains (losses) from sales of available-for-sale securities, net | $ 0 | $ 2 |
Net interest income | 467 | 664 |
Compensation and employee benefits expenses | 1,242 | 1,208 |
Net income | 519 | 634 |
Net realized gains from sales of available-for-sale securities, tax | 0 | 1 |
Other comprehensive income (loss), cash flow hedge, gain (loss), reclassification, tax | 6 | 2 |
Other comprehensive (income) loss, actuarial losses, tax | 3 | 4 |
Reclassification out of Accumulated Other Comprehensive Income | ||
Class of Stock [Line Items] | ||
Net income | 23 | 18 |
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Available-for-Sale Securities | ||
Class of Stock [Line Items] | ||
Gains (losses) from sales of available-for-sale securities, net | 0 | 1 |
Reclassification out of Accumulated Other Comprehensive Income | Net Unrealized Gains (Losses) on Cash Flow Hedges | ||
Class of Stock [Line Items] | ||
Net interest income | 15 | 5 |
Reclassification out of Accumulated Other Comprehensive Income | Amortization of Actuarial Losses | ||
Class of Stock [Line Items] | ||
Compensation and employee benefits expenses | $ 8 | $ 12 |
Regulatory Capital (Details)
Regulatory Capital (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Retained earnings | $ 23,751 | $ 23,442 |
Capital ratio: required common equity tier 1 capital | 8.00% | 8.00% |
Capital ratio: required tier 1 capital | 0.095 | 0.095 |
Capital ratio: required total capital | 0.115 | 0.115 |
Tier 1 leverage capital ratio, minimum | 0.040 | 0.040 |
Capital conservation buffer | 0.025 | |
Stress capital buffer | 2.50% | |
Global systemically important bank | 0.010 | |
Countercyclical capital buffer | 0 | |
Leverage ratio minimum | 0.05 | |
Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,731 | $ 10,709 |
Retained earnings | 23,751 | 23,442 |
Accumulated other comprehensive income (loss) | (418) | 187 |
Treasury stock, at cost | (11,035) | (10,609) |
Total | 23,029 | 23,729 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (9,149) | (9,019) |
Other adjustments(1) | (437) | (333) |
Common equity tier 1 capital | 13,443 | 14,377 |
Preferred stock | 1,976 | 2,471 |
Tier 1 capital | 15,419 | 16,848 |
Qualifying subordinated long-term debt | 1,801 | 961 |
Allowance for credit losses | 0 | 1 |
Total capital | 17,220 | 17,810 |
Credit risk | 66,726 | 63,367 |
Operational risk | 44,075 | 44,150 |
Market risk | 2,250 | 2,188 |
Total risk-weighted assets | 113,051 | 109,705 |
Adjusted quarterly average assets | $ 285,480 | $ 263,490 |
Common equity tier 1 capital | 11.90% | 13.10% |
Tier 1 capital | 0.136 | 0.154 |
Total capital | 0.152 | 0.162 |
Tier 1 leverage capital ratio, actual | 0.054 | 0.064 |
Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 10,731 | $ 10,709 |
Retained earnings | 23,751 | 23,442 |
Accumulated other comprehensive income (loss) | (418) | 187 |
Treasury stock, at cost | (11,035) | (10,609) |
Total | 23,029 | 23,729 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (9,149) | (9,019) |
Other adjustments(1) | (437) | (333) |
Common equity tier 1 capital | 13,443 | 14,377 |
Preferred stock | 1,976 | 2,471 |
Tier 1 capital | 15,419 | 16,848 |
Qualifying subordinated long-term debt | 1,801 | 961 |
Allowance for credit losses | 135 | 148 |
Total capital | 17,355 | 17,957 |
Credit risk | 122,074 | 114,892 |
Market risk | 2,250 | 2,188 |
Total risk-weighted assets | 124,324 | 117,080 |
Adjusted quarterly average assets | $ 285,480 | $ 263,490 |
Common equity tier 1 capital | 10.80% | 12.30% |
Tier 1 capital | 0.124 | 0.144 |
Total capital | 0.140 | 0.153 |
Tier 1 leverage capital ratio, actual | 0.054 | 0.064 |
State Street Bank | Basel III Advanced Approaches | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 12,893 | $ 12,893 |
Retained earnings | 13,479 | 12,939 |
Accumulated other comprehensive income (loss) | (221) | 371 |
Treasury stock, at cost | 0 | 0 |
Total | 26,151 | 26,203 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,880) | (8,745) |
Other adjustments(1) | (250) | (152) |
Common equity tier 1 capital | 17,021 | 17,306 |
Preferred stock | 0 | 0 |
Tier 1 capital | 17,021 | 17,306 |
Qualifying subordinated long-term debt | 963 | 966 |
Allowance for credit losses | 0 | 10 |
Total capital | 17,984 | 18,282 |
Credit risk | 62,082 | 58,960 |
Operational risk | 43,600 | 43,663 |
Market risk | 2,250 | 2,188 |
Total risk-weighted assets | 107,932 | 104,811 |
Adjusted quarterly average assets | $ 282,319 | $ 260,489 |
Common equity tier 1 capital | 15.80% | 16.50% |
Tier 1 capital | 0.158 | 0.165 |
Total capital | 0.167 | 0.174 |
Tier 1 leverage capital ratio, actual | 0.060 | 0.066 |
State Street Bank | Basel III Standardized Approach | ||
Compliance with Regulatory Capital Requirements under Banking Regulations [Line Items] | ||
Common stock and related surplus | $ 12,893 | $ 12,893 |
Retained earnings | 13,479 | 12,939 |
Accumulated other comprehensive income (loss) | (221) | 371 |
Treasury stock, at cost | 0 | 0 |
Total | 26,151 | 26,203 |
Goodwill and other intangible assets, net of associated deferred tax liabilities | (8,880) | (8,745) |
Other adjustments(1) | (250) | (152) |
Common equity tier 1 capital | 17,021 | 17,306 |
Preferred stock | 0 | 0 |
Tier 1 capital | 17,021 | 17,306 |
Qualifying subordinated long-term debt | 963 | 966 |
Allowance for credit losses | 135 | 148 |
Total capital | 18,119 | 18,420 |
Credit risk | 119,020 | 110,797 |
Market risk | 2,250 | 2,188 |
Total risk-weighted assets | 121,270 | 112,985 |
Adjusted quarterly average assets | $ 282,319 | $ 260,489 |
Common equity tier 1 capital | 14.00% | 15.30% |
Tier 1 capital | 0.140 | 0.153 |
Total capital | 0.149 | 0.163 |
Tier 1 leverage capital ratio, actual | 0.060 | 0.066 |
Net Interest Income - Component
Net Interest Income - Components of Interest Revenue and Interest Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Interest income: | ||
Interest-bearing deposits with banks | $ (9) | $ 81 |
Investment securities: | ||
Investment securities available-for-sale | 140 | 213 |
Investment securities held-to-maturity | 180 | 271 |
Investment securities purchased under money market liquidity facility | 4 | 8 |
Securities purchased under resale agreements | 10 | 65 |
Loans | 141 | 184 |
Other interest-earning assets | 5 | 46 |
Total interest income | 471 | 868 |
Interest expense: | ||
Interest-bearing deposits | (69) | 68 |
Short term borrowings under money market liquidity facility | 4 | 6 |
Securities sold under repurchase agreements | 0 | 2 |
Other short-term borrowings | 0 | 10 |
Long-term debt | 60 | 88 |
Other interest-bearing liabilities | 9 | 30 |
Total interest expense | 4 | 204 |
Net interest income | $ 467 | $ 664 |
Expenses - Schedule of Expenses
Expenses - Schedule of Expenses (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Other Expenses [Abstract] | ||
Professional services | $ 80 | $ 81 |
Regulatory fees and assessments | 18 | 12 |
Sales advertising public relations | 17 | 18 |
Securities processing | 12 | 15 |
Insurance | 3 | 5 |
Bank operations | 2 | 9 |
Other | 90 | 90 |
Total other expenses | $ 222 | $ 230 |
Expenses - Narrative (Details)
Expenses - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Charles River Development | ||
Restructuring Cost and Reserve [Line Items] | ||
Acquisitions costs | $ 11 | $ 11 |
Expenses - Restructuring Reserv
Expenses - Restructuring Reserve (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 196 | $ 198 |
Accruals for Repositioning Charges | 2 | |
Payments and Other Adjustments | (11) | (34) |
Ending balance | 186 | 164 |
State Street Beacon | ||
Restructuring Reserve [Roll Forward] | ||
Accruals for Repositioning Charges | (1) | |
Employee Related Costs | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 190 | 190 |
Accruals for Repositioning Charges | 0 | |
Payments and Other Adjustments | (9) | (33) |
Ending balance | 180 | 157 |
Employee Related Costs | State Street Beacon | ||
Restructuring Reserve [Roll Forward] | ||
Accruals for Repositioning Charges | (1) | |
Real Estate Actions | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 6 | 7 |
Accruals for Repositioning Charges | 2 | |
Payments and Other Adjustments | (2) | (1) |
Ending balance | 6 | 6 |
Real Estate Actions | State Street Beacon | ||
Restructuring Reserve [Roll Forward] | ||
Accruals for Repositioning Charges | 0 | |
Asset and Other Write-offs | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 0 | 1 |
Accruals for Repositioning Charges | 0 | |
Payments and Other Adjustments | 0 | 0 |
Ending balance | 0 | $ 1 |
Asset and Other Write-offs | State Street Beacon | ||
Restructuring Reserve [Roll Forward] | ||
Accruals for Repositioning Charges | $ 0 |
Earnings Per Common Share (Deta
Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net income | $ 519 | $ 634 |
Preferred stock dividends | (30) | (53) |
Dividends and undistributed earnings allocated to participating securities | 0 | (1) |
Net income available to common shareholders | $ 489 | $ 580 |
Basic average common shares | 350,743 | 353,746 |
Effect of dilutive securities: common stock options and common stock awards (in shares) | 4,947 | 4,247 |
Diluted average common shares | 355,690 | 357,993 |
Anti-dilutive securities (in shares) | 255 | 918 |
Earnings per common share: | ||
Basic (in USD per share) | $ 1.39 | $ 1.64 |
Diluted (in USD per share) | $ 1.37 | $ 1.62 |
Line of Business Information -
Line of Business Information - Summary of Line of Business (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Servicing fees | $ 1,371 | $ 1,287 |
Management fees | 493 | 464 |
Foreign exchange trading services | 346 | 444 |
Securities finance | 99 | 92 |
Software and processing fees | 174 | 112 |
Total fee revenue | 2,483 | 2,399 |
Net interest income | 467 | 664 |
Total other income | 0 | 2 |
Total revenue | 2,950 | 3,065 |
Provision for credit losses | (9) | 36 |
Total expenses | 2,332 | 2,255 |
Income before income taxes | $ 627 | $ 774 |
Pre-tax margin | 21.00% | 25.00% |
Operating Segments | ||
Segment Reporting Information [Line Items] | ||
Management fees | $ 493 | |
Foreign exchange trading services | 13 | |
Securities finance | 4 | |
Software and processing fees | 2 | |
Net interest income | (6) | |
Operating Segments | Investment Servicing | ||
Segment Reporting Information [Line Items] | ||
Servicing fees | 1,371 | $ 1,287 |
Management fees | 0 | 0 |
Foreign exchange trading services | 333 | 434 |
Securities finance | 95 | 89 |
Software and processing fees | 172 | 137 |
Total fee revenue | 1,971 | 1,947 |
Net interest income | 473 | 663 |
Total other income | 0 | 2 |
Total revenue | 2,444 | 2,612 |
Provision for credit losses | (9) | 36 |
Total expenses | 1,879 | 1,859 |
Income before income taxes | $ 574 | $ 717 |
Pre-tax margin | 23.00% | 27.00% |
Operating Segments | Investment Management | ||
Segment Reporting Information [Line Items] | ||
Servicing fees | $ 0 | $ 0 |
Management fees | 493 | 464 |
Foreign exchange trading services | 13 | 10 |
Securities finance | 4 | 3 |
Software and processing fees | 2 | (25) |
Total fee revenue | 512 | 452 |
Net interest income | (6) | 1 |
Total other income | 0 | 0 |
Total revenue | 506 | 453 |
Provision for credit losses | 0 | 0 |
Total expenses | 397 | 385 |
Income before income taxes | $ 109 | $ 68 |
Pre-tax margin | 21.00% | 15.00% |
Other | ||
Segment Reporting Information [Line Items] | ||
Servicing fees | $ 0 | $ 0 |
Management fees | 0 | 0 |
Foreign exchange trading services | 0 | 0 |
Securities finance | 0 | 0 |
Software and processing fees | 0 | 0 |
Total fee revenue | 0 | 0 |
Net interest income | 0 | 0 |
Total other income | 0 | 0 |
Total revenue | 0 | 0 |
Provision for credit losses | 0 | 0 |
Total expenses | 56 | 11 |
Income before income taxes | $ (56) | $ (11) |
Revenue from Contracts with C_3
Revenue from Contracts with Customers - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021USD ($)segment | Mar. 31, 2021USD ($)line_of_business | Dec. 31, 2020USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Number of lines of business | 2 | 2 | |
Accrued Interest and Fees Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Receivables related to contracts with customers | $ 4,240 | $ 4,240 | $ 2,680 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers - Disaggregation of Revenues (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Line Items] | ||
Servicing fees | $ 1,371 | $ 1,287 |
Management fees | 493 | 464 |
Foreign exchange trading services | 346 | 444 |
Securities finance | 99 | 92 |
Software and processing fees | 174 | 112 |
Total fee revenue | 2,483 | 2,399 |
Net interest income | 467 | 664 |
Total other income | 0 | |
Total revenue | 2,950 | 3,065 |
Total other income | 0 | 2 |
Operating Segments | ||
Disaggregation of Revenue [Line Items] | ||
Management fees | 493 | |
Foreign exchange trading services | 13 | |
Securities finance | 4 | |
Software and processing fees | 2 | |
Net interest income | (6) | |
Operating Segments | Investment Servicing | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 1,634 | 1,551 |
All other revenue | 810 | 1,061 |
Servicing fees | 1,371 | 1,287 |
Management fees | 0 | 0 |
Foreign exchange trading services | 333 | 434 |
Securities finance | 95 | 89 |
Software and processing fees | 172 | 137 |
Total fee revenue | 1,971 | 1,947 |
Net interest income | 473 | 663 |
Total revenue | 2,444 | 2,612 |
Total other income | 0 | 2 |
Operating Segments | Investment Servicing | Servicing fees | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 1,371 | 1,287 |
All other revenue | 0 | 0 |
Servicing fees | 1,371 | 1,287 |
Operating Segments | Investment Servicing | Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | 0 | 0 |
Management fees | 0 | 0 |
Operating Segments | Investment Servicing | Foreign exchange trading services | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 95 | 100 |
All other revenue | 238 | 334 |
Foreign exchange trading services | 333 | 434 |
Operating Segments | Investment Servicing | Securities finance | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 60 | 57 |
All other revenue | 35 | 32 |
Securities finance | 95 | 89 |
Operating Segments | Investment Servicing | Processing fees and other | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 108 | 107 |
All other revenue | 64 | 30 |
Software and processing fees | 172 | 137 |
Operating Segments | Investment Servicing | Total fee revenue | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 1,634 | 1,551 |
All other revenue | 337 | 396 |
Total fee revenue | 1,971 | 1,947 |
Operating Segments | Investment Servicing | Net interest income | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | 473 | 663 |
Net interest income | 473 | 663 |
Operating Segments | Investment Servicing | Total other income | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | 0 | 2 |
Total other income | 0 | 2 |
Operating Segments | Investment Management | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 506 | 474 |
All other revenue | 0 | (21) |
Servicing fees | 0 | 0 |
Management fees | 493 | 464 |
Foreign exchange trading services | 13 | 10 |
Securities finance | 4 | 3 |
Software and processing fees | 2 | (25) |
Total fee revenue | 512 | 452 |
Net interest income | (6) | 1 |
Total revenue | 506 | 453 |
Total other income | 0 | 0 |
Operating Segments | Investment Management | Servicing fees | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | 0 | 0 |
Servicing fees | 0 | 0 |
Operating Segments | Investment Management | Management fees | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 493 | 464 |
All other revenue | 0 | 0 |
Management fees | 493 | 464 |
Operating Segments | Investment Management | Foreign exchange trading services | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 13 | 10 |
All other revenue | 0 | 0 |
Foreign exchange trading services | 13 | 10 |
Operating Segments | Investment Management | Securities finance | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | 4 | 3 |
Securities finance | 4 | 3 |
Operating Segments | Investment Management | Processing fees and other | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | 2 | (25) |
Software and processing fees | 2 | (25) |
Operating Segments | Investment Management | Total fee revenue | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 506 | 474 |
All other revenue | 6 | (22) |
Total fee revenue | 512 | 452 |
Operating Segments | Investment Management | Net interest income | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | (6) | 1 |
Net interest income | (6) | 1 |
Operating Segments | Investment Management | Total other income | ||
Disaggregation of Revenue [Line Items] | ||
Topic 606 revenue | 0 | 0 |
All other revenue | 0 | 0 |
Total other income | 0 | 0 |
Other | ||
Disaggregation of Revenue [Line Items] | ||
Servicing fees | 0 | 0 |
Management fees | 0 | 0 |
Foreign exchange trading services | 0 | 0 |
Securities finance | 0 | 0 |
Software and processing fees | 0 | 0 |
Total fee revenue | 0 | 0 |
Net interest income | 0 | 0 |
Total revenue | 0 | 0 |
Total other income | $ 0 | $ 0 |
Non-U.S. Activities - Schedule
Non-U.S. Activities - Schedule Of Results From Non-U.S. Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | ||
Total revenue | $ 2,950 | $ 3,065 |
Income before income taxes | 627 | 774 |
Non-U.S. | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,337 | 1,357 |
Income before income taxes | 312 | 339 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Total revenue | 1,613 | 1,708 |
Income before income taxes | $ 315 | $ 435 |
Non-U.S. Activities - Narrative
Non-U.S. Activities - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Total assets | $ 316,885 | $ 314,706 |
Non-U.S. | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 106,250 | $ 104,440 |